The majority of the Utah cities tracked by AAA as a service to consumers report increases with the exception of Vernal and St. George. The price remained the same from last month’s AAA report in Vernal and decreased $0.03 in St. George. The lowest average price for the cities is $3.10. Logan, Ogden and Salt Lake City all report average prices of $3.10. The highest average price, $3.26, is reported in St. George.
The national average price is $3.31. This is the same as yesterday and a week ago but $0.05 higher than last month’s report on December 10, and $0.01 higher than a year ago. The national average price has stayed within a tight range this past month. After reaching a more than two-month high of $3.33 on January 3, the national average price dropped for nine of eleven days. Although the price fell, the decrease was less than $0.02 during this time. Midwestern states, bearing the brunt of extreme winter storms, have seen dramatic increases in their average prices this past week with some increases over $0.20 per gallon. Hawaii reports the highest average price in the country, $4.02, and is the only state with an average price over $4.00. Connecticut has the highest price, $3.69, in the contiguous states. Missouri and Montana have the lowest average price, $3.02. No states report an average price under the $3.00 mark.
“Extremely cold weather caused refinery issues in some areas and prices increased as a result,” said Rolayne Fairclough, AAA Utah spokesperson. “In other areas the cold weather decreased demand which put downward pressure on prices. Prices in the majority of states are less expensive than a week ago, however the decreases are minimal.”
West Texas Intermediate (WTI) crude oil settled above the $100 per barrel mark one day, December 27, ending a streak of nine consecutive weeks below the three digit threshold. WTI prices have dropped back toward the $90 per barrel threshold. The sharp decline in prices has been attributed to a stronger U.S. dollar, the return of Libyan crude to the global market, further easing of geopolitical tensions with Iran, and continued concerns surrounding weak domestic demand for gasoline. The decline continued yesterday as WTI prices settled $0.92 lower at $91.80 per barrel at the close of formal trading of the NYMEX. This mark is just $0.14 higher than the settlement recorded last Thursday, which was the lowest price since May 1.
AAA Monthly Gas Price Averages – January 14, 2014
City/State/Region Price Monthly Change City/State/Region Price Monthly Change
NATIONAL 3.31 + .05 ELSEWHERE…
UTAH 3.13 + .08 LAS VEGAS 3.24 + .03
LOGAN 3.10 + .10 LOS ANGELES 3.67 + .02
MOAB 3.30 + .03 PHOENIX 3.22 + .12
OGDEN 3.10 + .12 RENO 3.51 + .05
PROVO 3.11 + .14 SAN FRANCISCO 3.72 + .07
ST. GEORGE 3.26 - .03
SALT LAKE CITY 3.10 + .12
VERNAL 3.14 NC
ARIZONA 3.23 + .09
COLORADO 3.22 + .13
IDAHO 3.17 + .02
MONTANA 3.02 - .01
NEVADA 3.31 + .03
NEW MEXICO 3.10 + .06
WYOMING 3.13 - .03