Utah’s state average gas price is the lowest in the United States. Every metro area in the state tracked by AAA saw a double digit decrease at the pump over the last month. According to the latest report from AAA Insurance, which tracks fuel costs as a service to consumers, Utah has the cheapest state average price for regular, unleaded gasoline in the country.
Utah’s current average price for a gallon of regular gasoline is $2.92, which is a decrease of 22 cents since last month’s AAA report on December 13. Today’s price is 12 cents higher than a year ago. Of the Utah cities surveyed by AAA, Salt Lake City had the highest average price at $3.10 per gallon. St. George’s price was the lowest at $2.85 per gallon. That was also the lowest price in the country in metro areas tracked by AAA.
The national average price of $3.37 is up by 10 cents, which is 28 cents more than the national price on this date last year, when it was $3.09.
“Cheaper crude oil in Utah is helping to keep prices at the pumps lower than anywhere else in the nation,” said AAA Insurance spokesperson Matt Skryja. “Although Utah’s gas prices are the lowest in the country, most consumers across the country have been seeing a steady increase in prices since late last year. The recent gas price increases are largely driven by investors’ buying behavior, which is linked to real, perceived, or potential impacts on supply and demand worldwide.”
Tensions between Iran and the U.S. in the Persian Gulf sparked investors’ concerns about possible restrictions on oil tankers traveling through the Strait of Hormuz. Fears over this potential impact to supply helped to push the price upwards. Positive economic reports about the U.S. and Chinese economies have also helped to pressure gasoline prices higher. That said, late last week concerns about ongoing economic stability issues in the Euro zone helped to counter-balance the rising price of oil. Global economic weakness, and the associated decrease in demand for oil, exerts downward pressure on the price of crude. Figures from the U.S. Energy Information Administration show that demand for gasoline in the United States has continued to drop, as oil and gasoline stocks are building.
Wailuku, Hawaii, holds the dubious crown for the highest average price in the nation, at $4.36 per gallon. The highest price reported by AAA in the lower 48 states is in Eureka, California, where the average price is $3.88. Among the lower 48 states, the highest average state price reported by AAA was achieved by California, with an average price of $3.70.
Among all 50 states, Hawaii has the highest state average price for regular, unleaded gasoline at $4.03. Hawaii’s state average price is the only one above four dollars per gallon in the nation. Alaska has the second highest price at $3.87.