September 11, 2013

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Article

Gas Prices Fall as Summer Ends

AAA press release

September 11, 2013

Salt Lake City – As summer winds to a close, motorists are finding relief at the gas pumps. Every state with the exception of Alaska, reports a decrease in prices from the same date last year.

“Plentiful supplies, weaker demand, the anticipated change to cheaper winter-blend gasoline in mid-September and a relatively mild hurricane season are reasons for the decreasing prices,” said Rolayne Fairclough, AAA Utah spokesperson. “However, the possibility always remains that escalating violence in the Middle East, hurricanes or unexpected disruptions to supplies or distribution could send prices higher.”

The current average price for a gallon of regular gasoline in Utah is $3.63. This is $0.10 lower than last month’s AAA report, a $0.01 decrease from a week ago and $0.18 lower than a year ago. Twenty states have prices higher and three states have the same price as Utah. Since last month’s AAA report on August 13, the state’s average price increased $0.01 but has consistently dropped since August 18.

All the Utah cities tracked by AAA as a service to consumers, with the exception of Moab, report lower prices from last month’s report. The greatest decrease, $0.15, is enjoyed by Logan motorists. Moab’s price remained the same.

The national average price per gallon of regular gasoline is $3.56, a $0.02 increase since last month’s report. This price is $0.03 lower than a week ago and $0.27 lower than a year ago. The only states with prices over the $4.00 mark are Alaska and Hawaii. Gasoline prices have held at a consistent mark of $3.00 and over per gallon. The last day the national average price was below the $3.00 mark was on December 21, 2010. Utah’s average price fell below $3.00 on January 26, 2013.

Nationally, retail gasoline prices have stayed within a narrow $0.20 range since March. West Texas Intermediate (WTI) crude oil, however, has surged more than 25 percent from a 2013 low of $86.68 on April 17 to multi-year high of $110.53 last Friday. At the close of formal trading on the NYMEX yesterday, WTI settled $1.01 lower at $109.52. This is the 47th consecutive settlement above $100 per barrel.

AAA Monthly Gas Price Averages – September, 2013

City/State/Region

Price

Monthly Change

NATIONAL

3.56

+  .02

UTAH

3.63

-   .10

LOGAN

3.59

-   .15

MOAB

3.81

    =

OGDEN

3.63

-   .08

PROVO

3.57

-   .14

ST. GEORGE

3.67

-   .05

SALT LAKE CITY

3.58

-   .12

VERNAL

3.68

-   .10

 

Page 12
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