December 11, 2013

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Article

Utah Experienced One of Largest Gas Price Drops Last Month

AAA press release

December 11, 2013

Salt Lake City – Utah experienced one of the greatest drops in gas prices in the country last month.

Utah’s current average price is $3.05 a gallon for regular gasoline. This is $0.18 cents lower than last month’s AAA report and $0.36 cents lower than a year ago. Utah’s average price dropped every day but two since last month report on November 12. Only seven states have lower prices than Utah.

All of the Utah cities tracked by AAA as a service to consumers report double-digit decreases in average prices. Moab reported the greatest drop, $0.23 to $3.27 per gallon. St. George motorist saw the smallest drop, $0.12 and are paying the highest price per gallon, $3.29. Provo’s motorists have the lowest average price, $2.97. Three cities surveyed report average prices under the $3.00 mark, Ogden, Provo and Salt Lake City.

The national average price is $3.26. This is same as yesterday and a week ago but $0.08 higher than last month’s report on November 12, and $0.08 lower than a year ago. Interestingly, compared with the dramatic decrease in Utah’s prices compared with a year ago, the average national price has remained in current range the past three years with only an $0.08 difference in prices: 2011, $3.28; 2012, $3.34; and 2013, $3.26. Hawaii continues to set the record with the highest price in the country at $3.93. New York and Connecticut share the highest price in the contiguous states at $3.66. Missouri enjoys the lowest prices at $2.91.Kansas, Minnesota, and Oklahoma join Missouri with average prices under the $3.00 mark.

“Plentiful supplies, flat demand and falling crude prices combined for dramatic relief at the pump for Utah motorists this fall, but the lower pricing trend has been mixed the last several weeks in other areas,” said Rolayne Fairclough, AAA Utah spokesperson. “While Utah and nineteen other states continue to see lower prices, thirty states have higher prices including Florida with a $0.22 increase in Florida and twelve other states with increases above $0.10.”

Underlying the recent volatility in state average gas prices has been the price of West Texas Intermediate (WTI) crude oil. After fifteen weeks above the $100.00 per barrel mark, WTI begins the eighth consecutive week below this threshold, even after settling higher every day last week in response to positive economic news including, a brighter than expected job report. A stronger economy—domestically and overseas—puts upward pressure on crude oil prices. After closing last week with the highest prices since October, WTI settled at $97.34 at closing yesterday.  

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