Monday, July 6, 2020

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Moab, UT

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    Utah gas prices continue to drop

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    Uranium processing tanks at White Mesa Mill south of Blanding. Photo courtesy Wikimedia Commons

    Utah gas prices have fallen 6.4 cents per gallon in the past week, averaging $2.02 per gallon Monday, according to GasBuddy’s daily survey of 1,171 stations. Gas prices in Utah are 36.8 cents per gallon lower than a month ago and 95 cents per gallon lower than a year ago.

    According to GasBuddy price reports, the cheapest station in Utah was priced at $1.14 per gallon April 27 while the most expensive was $2.79 per gallon, a difference of $1.65 per gallon. 

    The national average price of gasoline fell 4.4 cents per gallon in the last week, averaging $1.74 per gallon Monday. The national average is down 25.6 cents per gallon from a month ago and stands 115.1 cents per gallon lower than a year ago.

    “Unsurprisingly, for the ninth straight week average gas prices have fallen across every state in the country, with more downward potential likely, especially in today’s highest priced states,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “While much of the talk last week was about the West Texas Intermediate benchmark falling to $0 per barrel and then into negative territory, it was very isolated and oil eventually rebounded back to the current $15 per barrel level. 

    “As a result, gasoline prices will likely remain subdued until meaningful demand for petroleum returns, and that may not be for weeks or perhaps longer,” he continued. “In addition, every day until OPEC’s oil production cut come into force May 1 is another day where global supply drastically outpaces demand, flooding the market with more oil, prolonging the time gas prices will remain low — something that easily could last into the summer, when motorists may be better positioned to take advantage.”

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