The current average price for a gallon of regular gasoline in Utah is $3.71. This is a $.02 decrease from last month’s report, the same price as yesterday, $.03 lower than a week ago, and $.18 higher than a year ago. Today, only eight states report prices higher than Utah. While Utah is in the highest tier of gas prices in the nation, the average price has steadily declined since June 25 when Utah reached its highest average price in 2013, $3.76.
The Utah cities tracked by AAA, as a service to consumers, report both increases and decreases from last month’s report. The largest decrease, $.08, was registered in Moab and the greatest increase, $.06, was reported in Vernal and St. George.
The national average price is $3.48 per gallon of regular gasoline, a $.15 drop since last month’s AAA Gas Price Report. This price is $.01 higher than yesterday, the same as a week ago and $.10 higher than a year ago. The highest price is reported by Hawaii at $4.31 a gallon. California has the highest price in the contiguous 48 states at $3.98. The lowest price in the country is reported in South Carolina at $3.16. The national average price has consistently decreased or stayed the same since June 14 with the exception of today’s $.01 increase. The highest national average price for 2013, $3.79, was reported on February 27.
“Tight supplies caused by significant refinery maintenance in May and early June caused significant increases in early summer,” said Rolayne Fairclough, AAA Utah spokesperson. “Gasoline supplies are now at very high levels for this time of year bringing prices down despite the higher cost of crude oil.”
West Texas Intermediate (WTI) crude oil traded in a narrow range of $93-$99 per barrel through the month of June. Prices began in the same range last week but quickly moved higher with reports of the escalating protests in Egypt and positive economic news. WTI moved over the $100 per barrel mark on Wednesday, July 3, for the first time since May 3, 2012. Investors worry that the unrest in Egypt may spread through the Middle East and North Africa and cause potential shipping disruptions at Suez Canal. Yesterday the price of WTI dropped slightly from the 14-month high of $103.22 per barrel to settle at $103.14, more than $17 above last year’s price.