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ST. GEORGE – Although the rise in gasoline prices has stabilized somewhat and even declined slightly, Utah prices are among the highest in the country.
According to the AAA, the average price per gallon in Utah for regular gasoline 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 in that country. From that event to March 15, the national gasoline average increased by 40 cents. For Utah, this translated to an increase of 25 cents.
Last week, the national average price per gallon rose 2 cents to $ 2.88, according to the AAA. The AAA reported this was due to “high crude prices and increasing refinery use – which rose from 69% to 76% last week, according to new data from the Energy Information Administration.”
The rise in gasoline prices appears to have stabilized at the start of this week as the national average held steady at $ 2.88; However, this average is the highest price since May 2019 and is 2 cents per gallon more than the previous week, 25 cents more than a month ago and 74 cents more than a year ago. .
AAA spokesperson Jeanette McGee said on Monday that a drop in demand as well as a simultaneous increase in supply and use of refineries had helped slow the movement of gas price increases .
“During the week, 32 states recorded increases of just 3 cents or less. This doesn’t mean gasoline prices have peaked, but it is a positive sign for consumers. ”
On the production side, there was an increase in supply coupled with increased use of refineries that brought production down to less than 7 percentage points from what it was before the winter storms in Texas.
On Monday, AAA ranked Utah as the fifth highest state for gasoline prices at $ 3.15 per gallon. Before Utah were 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 gas average fell by a dime to $ 2.87.
The report states:
Growth in inventories has helped put downward pressure on prices at the pump, falling slightly from 232.1 million barrels (barrels of oil) to 232.3 million barrels last week, according to the latest weekly report. of the Energy Information Administration (EIA). The national average declined despite rising demand for gas, which rose from 8.44 million b / d (barrels per day) to 8.62 million b / d last week. If total national gas inventories continue to rise and demand does not rise, drivers can expect prices to remain stable and decline throughout the weekend.
A week ago, the average price of gasoline per gallon in Utah rose an additional 8 cents, according to the AAA.
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