Salt Lake City—Motorists in Utah and across the nation find little movement at the gas pump this past week. The gasoline market remains overfed due to increased U.S. drilling and production despite OPEC production cuts.
Utah’s current average price, $2.27, is 25th highest in the country. Today’s price is the same as yesterday and a week ago, $0.03 higher than a month ago, and an increase of $0.48 from a year ago. There was no consistency in price changes from last month’s Fuel Gauge Report among the Utah cities surveyed by AAA as a service to consumers. Moab reported the highest price, $2.40, Provo has the lowest price, $2.23. All cities except Moab and Vernal report increased prices.
“Typically, February reports stable prices due to low demand caused by winter driving conditions and because refiners must sell their inventory of winter formulation gasoline before the change to summer formulation fuel is blended in March,” reports Rolayne Fairclough, AAA Utah spokesperson. “The typical stability is enhanced this year as U.S. producers continue to increase drilling and production, offsetting OPEC’s production cuts.”
The national average price for a gallon of regular gasoline is $2.28. This price is the same as yesterday, $0.01 more than a week ago, down $0.07 from a month ago but a $0.58 increase from a year ago. Drivers in Hawaii pay the highest average gas prices in the country, $3.11, while motorists in South Carolina enjoy the lowest average pump price, $2.04.
On Monday, OPEC released their Monthly Oil Market Report showing that participating countries implemented 90 percent of the agreed upon production cuts pledge in last year’s historic deal. This translated into a cut of 890,000 barrels of oil per day in January. The U.S. has tempered the impact of the OPEC production cut by continuing to increase drilling and production.
Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.
To get the best mileage possible, AAA recommends keeping tires at the recommended pressure, performing routine maintenance and making sure fluids are clean and belts and hoses are in good repair. Other tips include avoiding sudden stops and starts, combining trips, lightening a vehicle’s load and keeping speed in check. These tips will add to the current savings motorists are enjoying.
AAA’s Fuel Gauge Report is the most comprehensive retail gasoline survey available, with over 100,000 self-serve stations surveyed every day, nationwide. Data is provided in cooperation with OPIS Energy Group and Wright Express LLC.