How low can it go? Gas prices in Utah and throughout the country continue to drop

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<p style=”line-height: 1.15; margin-top: 0pt; margin-bottom: 11pt;” dir=”ltr”><span style=”font-size: 12px; font-family: Verdana; color: #000000; vertical-align: baseline; white-space: pre-wrap;”>Did you know that it takes only</span> <span style=”text-decoration: none;”><span style=”font-size: 12px; font-family: Verdana; vertical-align: baseline; white-space: pre-wrap;”>half an ounce of gasoline to start your car’s engine</span></span><span style=”font-size: 12px; font-family: Verdana; color: #000000; vertical-align: baseline; white-space: pre-wrap;”>? To put that amount in perspective, it’s about a third of a shot glass worth. Of course, it takes much more gasoline than that to actually make your daily commute to work, run errands, or travel — which is why drivers in Utah, as well as across the nation, are elated to see the price per gallon continue to fall.</span></p><p style=”line-height: 1.15; margin-top: 0pt; margin-bottom: 11pt;” dir=”ltr”><span style=”font-size: 12px; font-family: Verdana; color: #000000; vertical-align: baseline; white-space: pre-wrap;”>The</span> <a style=”text-decoration: none;” href=”http://www.ksl.com/?nid=148&amp;sid=33082856″><span style=”font-size: 12px; font-family: Verdana; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;”>national average gas price is $2.12 per gallon,</span></a> <span style=”font-size: 12px; font-family: Verdana; color: #000000; vertical-align: baseline; white-space: pre-wrap;”>the lowest it has been since February 2009. The average price of gas in Utah is $2.06. Although this is lower than the national average, it is comparatively higher than usual, considering Utah typically has the some of the lowest prices in the country during the winter. Today, it is ranked right in the middle as the 25th highest average. Compare that to last year when Utah ranked 42nd, meaning there were only seven states in the Union that had lower gas prices.</span></p><p style=”line-height: 1.15; margin-top: 0pt; margin-bottom: 11pt;” dir=”ltr”><span style=”font-size: 12px; font-family: Verdana; color: #000000; vertical-align: baseline; white-space: pre-wrap;”>Still, Utah’s average is noticeably better than many other states. New York, for example, has an average price of $2.61 — the highest average price in the continental United States. The state with the highest average price is Hawaii, which exceeds $3 per gallon.</span></p><p style=”line-height: 1.15; margin-top: 0pt; margin-bottom: 11pt;” dir=”ltr”><span style=”font-size: 12px; font-family: Verdana; color: #000000; vertical-align: baseline; white-space: pre-wrap;”>Though Hawaiians may bemoan their rank as the state with the highest national average, they can take solace in the fact that it can — and has been — much, much higher. The highest reported national average last year was $3.70 in the end of April. Today’s</span> <a style=”text-decoration: none;” href=”http://www.cspnet.com/fuels-news-prices-analysis/fuels-analysis/articles/gas-prices-nearing-175-some-states”><span style=”font-size: 12px; font-family: Verdana; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;”>national average has shrunk by more than 40%.</span></a></p><p style=”line-height: 1.15; margin-top: 0pt; margin-bottom: 11pt;” dir=”ltr”><span style=”font-size: 12px; font-family: Verdana; color: #000000; vertical-align: baseline; white-space: pre-wrap;”>In addition, the national average has consecutively decreased for an unprecedented 110 days, and AAA predicts that the national average will continue to</span> <a style=”text-decoration: none;” href=”http://www.good4utah.com/story/d/story/gas-prices-continue-to-drop-but-are-still-higher-t/16068/ZzeFREOGhkS9T507hfGOeg”><span style=”font-size: 12px; font-family: Verdana; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;”>stay below $3 for the rest of 2015.</span></a></p><p style=”line-height: 1.15; margin-top: 0pt; margin-bottom: 11pt;” dir=”ltr”><span style=”font-size: 12px; font-family: Verdana; color: #000000; vertical-align: baseline; white-space: pre-wrap;”>Rolayne Fairclough, an AAA spokesman in Utah, explains that the fall in prices has to do with increased oil production as well as a wavering demand.</span></p><p style=”line-height: 1.15; margin-top: 0pt; margin-bottom: 11pt;” dir=”ltr”><span style=”font-size: 12px; font-family: Verdana; color: #000000; vertical-align: baseline; white-space: pre-wrap;”>”Plentiful supplies coupled with weak demand have driven down prices,” he said. “Countries such as Saudi Arabia where oil can be brought from the ground for less than $10 per barrel still see sizable profits at these lower barrel prices.”</span></p><p style=”line-height: 1.15; margin-top: 0pt; margin-bottom: 11pt;” dir=”ltr”><span style=”font-size: 12px; font-family: Verdana; color: #000000; vertical-align: baseline; white-space: pre-wrap;”>Indeed, the global average oil price has dipped by more than 50% since mid-2014. OPEC members such as Saudi Arabia and the United Arab Emirates have repeatedly stated that they do not intend to decrease supply to raise oil prices. They are instead content with current oil prices and production rates.</span></p><p style=”line-height: 1.15; margin-top: 0pt; margin-bottom: 11pt;” dir=”ltr”><span style=”font-size: 12px; font-family: Verdana; color: #000000; vertical-align: baseline; white-space: pre-wrap;”>One major oil producer, Saudi Prince Alwaleed bin Talal, has gone as far as saying that he’s “sure we’re never going to see $100 [per barrel] any more.”</span></p><p style=”line-height: 1.15; margin-top: 0pt; margin-bottom: 11pt;” dir=”ltr”><span style=”font-size: 12px; font-family: Verdana; color: #000000; vertical-align: baseline; white-space: pre-wrap;”>This is welcome news to people around the world, not least of which are Americans. Gas prices has for nearly a decade been a contentious issue in the U.S. Rising gas prices put many Americans, who are already struggling with an economic recession, in a tough financial position.</span></p>

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