Monday, May 25, 2020

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    Coronavirus impacts oil prices

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    Doug McMurdo
    Doug McMurdo
    Editor Doug McMurdo reports on news out of the Moab City Center, tourism, courts, change of government and more.
    gas prices
    Courtesy photo

    Utah gas prices have increased 1.2 cents per gallon in the past week, averaging $2.65 per gallon Monday, according to GasBuddy’s daily survey of 1,171 stations. Gas prices in Utah are 10.4 cents per gallon lower than a month ago and 19.3 cents per gallon higher than a year ago.

    According to GasBuddy price reports, the cheapest station in Utah was priced at $2.25 per gallon Monday while the most expensive was $3.49 per gallon, a difference of $1.24 per gallon. The cheapest price in the entire country Monday stood at $1.23 per gallon.

    The national average price of gasoline has fallen 4.6 cents per gallon in the last week, averaging $2.45 per gallon Monday. The national average is down 13.3 cents per gallon from a month ago and 19.9 cents per gallon higher than a year ago.

    “For the third straight week, motorists have been greeted by falling gasoline prices in virtually every corner in every city and state in the country,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “Oil prices continue to sag on worries over the spread of the coronavirus, blowing the door wide open for a continued slump at the pump.

    “Nearly 5,000 stations are currently selling gasoline under $2 per gallon, a critical psychological level, while some 17 states have at least one gas station under the mark,” he continued. “For most, there’s no signs of the slump slowing, especially with fears of the spread of the Chinese-originating virus continuing to grow. Motorists need not be in a rush to fill up again, and with prices plummeting, I would urge them to be mindful that some stations are passing the drops on much faster and to shop around.”

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