March 12, 2014

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Utah Gas Prices Rising, Still Among Lowest in U.S.

Press Release

March 12, 2014

Salt Lake City – Utah’s gasoline prices are following their typical yearly trend by moving up this spring, reports AAA. Even with a double digit increase this past month, Utah’s prices are relatively low when compared with the rest of the country.

The average gasoline price in Utah today is $3.35 per gallon of regular gasoline. This is $0.02 higher than yesterday, $0.04 higher than a week ago, $0.26 higher than last month’s AAA report on Feb. 11, and $0.06 lower than a year ago. Ten states have prices lower than Utah.

All of the Utah cities tracked by AAA, a service offered to consumers, reported a double digit increase since last month’s gasoline report. The lowest average price, $3.31 for a gallon of regular gasoline, can be found in Logan. Moab reported the highest average price, $3.52.

The national average price is $3.49 per gallon of regular gasoline. This is the same as yesterday, $0.03 higher than a week ago, $0.18 higher than last month’s AAA report and $0.21 lower than a year ago. Hawaii, at an average price of $4.16, is the only state reporting prices over $4.00. The highest price in the contiguous states is found in California at $3.91. Alabama, Mississippi and Tennessee tie for the lowest average price in the country at $3.22 per gallon. While prices in nearly every state have moved higher over the last month, the vast majority of motorists are enjoying substantial year-over-year savings.

“The rapidly escalating tensions in the Ukraine pressured West Texas Intermediate crude prices to move up to a greater than six-month high last Monday,” said Rolayne Fairclough, AAA Utah spokesperson. “However, as the situation stabilized, crude prices dropped by more than three dollars per barrel by mid-week. The Russian-Ukrainian conflict and other geopolitical tensions are likely to keep oil prices from falling too far in the near future.”  

Crude oil prices dropped yesterday, however the catalyst was the bearish economic news from China over the weekend rather than the easing tensions with Russia. China has the second largest economy in the world so a weaker than expected Chinese economic report means a lower consumption of crude oil. This trend puts downward pressure on global crude prices. At the close of formal trading yesterday on the NYMEX, West Texas Intermediate crude settled down $1.46 at $101.12 per barrel.

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