Saturday, July 4, 2020

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Moab, UT

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    Demand bolsters increase in gas prices

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    Utah gas prices have risen 2.1 cents per gallon in the past week, averaging $2.26 per gallon Monday, according to GasBuddy’s daily survey of 1,171 stations.

    People buy gas at a 7/11.
    Photo by Doug McMurdo

    Gas prices in Utah are 31.4 cents per gallon higher than a month ago and stand 90.1 cents per gallon lower than a year ago.

    According to GasBuddy price reports, the cheapest station in Utah was priced at $1.98 per gallon June 8 while the most expensive was $3.17 per gallon, a difference of $1.19 per gallon.

    The national average price of gasoline has risen 4.3 cents per gallon in the last week, averaging $2.02 per gallon Monday. The national average is up 19.8 cents per gallon from a month ago and 72.5 cents per gallon lower than a year ago.

    “It’s no surprise that gasoline prices have increased for the sixth straight week as gasoline demand has hit its highest level since early March as Americans are returning to the roads,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “With OPEC extending its large oil production cuts until at least July, oil prices continue to rally.

    “In Sunday evening trade, a barrel of WTI crude oil briefly touched $40 per barrel, the highest level in months thanks to rebounding demand for oil and gasoline as well as the previous production cuts,” he continued. “While I don’t see oil’s strength holding too long given that oil demand remains 20-25% below a year ago, I believe the anxiety pushing oil prices up is coming from the fact that the economy may be recovering quicker than most anticipated. For now, motorists will likely continue to see gas prices rising for the weeks ahead.”

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