August 18, 2014

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Average Utah Gas Prices Down

Press Release

August 18, 2014

Salt Lake City – Gasoline prices are trending downward this month, according to recent AAA reports, giving motorists some relief from spikes in prices that are typical during summer months.

Motorists in Utah have been seeing modest dips at the pumps, yet the national story is different. And while the average price in Utah slipped just $0.04 since last month, the average price nationally dipped $0.18 a gallon during the same period.

The average price for a gallon of regular gasoline last week in Utah was $3.67, which was $0.07 lower than a year ago. Only nine states report prices higher than those in Utah.

All Utah cities tracked by AAA and offered as a service to consumers report single- digit decreases since last month with the exception of Vernal. The greatest drop, $0.08, was reported by Ogden. Provo’s price dropped $0.05.  Moab, St. George and Salt Lake City all record $0.04 decreases. Logan experienced the smallest decrease, $0.01. Vernal’s price increased $0.04.

The national average price for regular gasoline last week was $3.47. This was $0.08 less than a year ago. The national average price last week was the lowest it had been on that date since 2011. Hawaii had the highest average price, $4.32. California and Oregon report the highest average price in the contiguous states, at $3.91. Only Hawaii and Alaska registered prices over the $4.00 per gallon mark. South Carolina motorists had the lowest average price, $3.18.

Gasoline prices are moving downward in the majority of the country despite overseas conflicts and declining domestic refinery production.  In the past 14 days, average retail prices have dropped in 42 states. Price increases in eight Midwestern and Central states are attributed to refinery problems and maintenance at several facilities that supply the region.

“It is no surprise Utah has the tenth highest price in the nation. Utah traditionally registers some of the highest prices in the country in summer and then drops to the lower ranks as the temperature cools,” said Rolayne Fairclough, AAA Utah spokesperson. “Seeing the $0.04 decrease in Utah, the national movement downward and the non-reactive barrel price to geopolitical conflicts are hopeful signs lower prices may continue.”

Even though tensions in oil producing nations such as Iraq, Russia, and Libya dominate geopolitical headlines, oil prices are trading at near multi-month lows. At the close of trading recently, the price of West Texas Intermediate (WTI) settled $0.43 higher at $98.08 per barrel. This price is equal to the lowest settlement to begin a week since the beginning of February.    


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