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