Low demand keeps gas prices stable

gas prices
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Utah gas prices increased 1.6 cents per gallon in the past week, averaging $2.67 per gallon Monday, according to GasBuddy’s daily survey of 1,171 stations. Gas prices in Utah are 12.8 cents per gallon lower than a month ago and 11.4 cents per gallon higher than a year ago.

According to GasBuddy price reports, the cheapest station in Utah was priced at $2.29 per gallon Monday while the most expensive was $3.05 per gallon, a difference of 76 cents per gallon. The cheapest price in the entire country Monday stood at $1.89 per gallon while the most expensive was $5.74 per gallon, a difference of $3.85 per gallon.

The national average price of gasoline fell 2 cents per gallon in the last week, averaging $2.55 per gallon Monday. The national average is down 0.8 cents per gallon from a month ago and 30.4 cents per gallon higher than a year ago.

“With oil prices sagging lately, the door has been opened for a notable decline in U.S. gasoline prices, and that’s exact what has happened, with more declines likely coming ahead of us before the fun is over,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.

“The Midwest has been the largest beneficiary of seasonal effects thus far with prices in several areas there declining upwards of 10-15 cents per gallon,” he said. “The rest of the country will follow lower for the time being as demand for gasoline remains abysmal and the fuel being produced today will have to eventually be purged from the system over the next few months as refiners begin the transition to summer gasoline.”