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ST. GEORGE – While the rise in gas prices may have stabilized somewhat and even seen a slight drop, Utah’s prices are among the highest in the country.
According to AAA, the average price per gallon of normal gas in Utah was $ 3.15 on Friday. The national average for a gallon of gasoline is $ 2.87.
Between February and mid-March, gas prices increased by 14%, which the AAA attributed to the winter storms in Texas that froze oil production there. From this event until March 15, the national average for gas rose 40 cents. For Utah, this translated into an increase of 25 cents.
Last week, the average national price per gallon increased by 2 cents to $ 2.88, according to the AAA. AAA reported that this was due to “high oil prices and increasing use of refineries – which rose from 69 to 76 percent last week, according to new data from the Energy Information Administration”.
The increase in gas prices appeared to have stabilized earlier this week, as the national average remained stable at $ 2.88; however, that average is the highest price since May 2019 and is 2 cents per gallon more than the week before, 25 cents more than a month ago and 74 cents more than a year ago.
Jeanette McGee, a spokesman for AAA, said on Monday that a drop in demand, along with a simultaneous increase in supply and use of the refinery, contributed to a slower movement in increases in gas prices.
“During the week, 32 states saw increases of just 3 cents or less. This does not mean that gas prices have reached their peak, but it is a positive sign for consumers ”.
On the production side, there was an increase in supply, along with increased use of the refinery, which brought production to 7 percentage points from where it was before Texas winter storms.
On Monday, the AAA ranked Utah as the fifth highest state for gas prices at $ 3.15 per gallon. Ahead of Utah was California for $ 3.88, Hawaii for $ 3.59, Washington for $ 3.31 and Nevada for $ 3.29.
According to the latest AAA report, published on Thursday, the national average for gas decreased by a penny to $ 2.87.
The report states:
Rising inventory levels helped to push pump prices, rising slightly from 232.1 million barrels (barrels of oil) to 232.3 million barrels last week, according to the latest weekly report from the Information Administration of Energy (EIA). The national average decreased despite an increase in gas demand, which rose from 8.44 million b / d (barrels per day) to 8.62 million b / d last week. If total domestic gas inventories continue to increase and demand does not increase, drivers can expect prices to remain stable and decrease over the weekend.
A week ago, Utah’s average gas price per gallon rose an additional 8 cents, according to the AAA.
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