November 13, 2013

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Article

Gas Prices Fall in Utah and Nationwide

AAA press release

November 13, 2013

Salt Lake City — Motorists throughout the country are seeing significantly lower prices at the pump, with the national average the lowest since February 2011. Utah’s prices are also trending downward and, if traditional patterns hold, should continue to drop in the coming winter months.

Utah’s current average price is $3.23 a gallon for regular gasoline. This is $0.07 cent lower than a week ago, $0.28 cent lower than last month’s AAA report and $0.48 cents lower than a year ago. Utah’s average price dropped $0.43 cents since Sept. 1, 2013 and has fallen 71 of the 73 days during this time span. Seventeen states in the West and Northeast have higher prices than Utah.

“Utah gasoline prices traditionally reflect extreme increases during the summer months when they register among the highest in the nation and then drop to the lowest levels in the winter months,” said Rolayne Fairclough, AAA Utah spokesperson. “The last time prices in Utah were this low was in February. Utah’s average price was below the $3.00 mark for most of the month of January, also this year.”

All of the Utah cities tracked by AAA as a service to consumers report double-digit drops in average prices. Ogden’s average price dropped the most, $0.34, to an average price of $3.15 per gallon. The smallest decrease, $0.15, was recorded in St. George where motorists are paying an average of $3.41 per gallon. Of the cities surveyed, Moab drivers are paying the most, $3.50 per gallon, while Provo drivers are paying the least, $3.10.

Today’s national average price is $3.18 per gallon. Today’s average is $0.01 lower than yesterday, $0.06 lower than a week ago, $0.17 lower than last month’s AAA report and $0.26 lower than a year ago. The downward trend is enjoyed nationwide as every state reports lower prices than a week ago, a month ago and a year ago. Hawaii is the only state to have an average price over the $4.00 mark. The highest price in the contiguous states is recorded in California at $3.61. Average prices have fallen below the psychologically significant $3.00 threshold in six states: Arkansas, $2.93; Kansas, $2.95; Louisiana, $2.99; Missouri, $2.81; Oklahoma, $2.93; and Texas, $2.94. Twelve states are within a dime of the $3.00 mark.

After fifteen straight weeks above $100 per barrel, the price of West Texas Intermediate (WTI) crude oil has now settled below this mark for three straight weeks. A five month low of $93.37 was recorded a week ago on Tuesday, November 5. WTI prices moved up the last half of the week and settled at $94.62 per barrel at the close of formal trading yesterday on the NYMEX.

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