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Front Page » January 1, 2008 » Local News » Average gasoline pump costs climb while oil prices drop
Published 2,833 days ago

Average gasoline pump costs climb while oil prices drop

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Despite dropping oil prices, the latest AAA Utah survey determined that the state's average price for a gallon of gasoline increased 3 cents from last month.

Utah's current average price for regular, self-serve gasoline is $3.07 a gallon. The average pump cost in Utah is 3 cents higher than last month's average and 79 cents higher than one year ago.

At the local level, prices remained constant for regular self-serve gasoline and Carbon County motorists are paying an average of $3.04 per gallon at the pumps.

According to AAA Utah, 13 states have prices higher than Utah.

"The price of oil has dropped from its high mark of just over $98 a barrel to under the $88 mark in the past several weeks," said Rolayne Fairclough, AAA Utah spokesperson. "This drop has translated into lower prices for gasoline throughout most of the country."

The movement in the price of oil and gasoline has been more closely linked than usual to the condition of world financial markets and the value of the dollar, as much as it has been to the normal influences of supply and demand, indicated AAA Utah.

In the last couple of weeks, conditions have improved to somewhat stabilize the dollar, although it is still weak against the Euro, pound sterling and Canadian dollar.

The situation is important because oil is priced and sold in dollars. Sellers want to make certain that they do not lose purchasing power when the dollars are converted back to their countries' currency, noted AASA Utah.

The national average price is $3 a gallon. The pump cost is 11 cents lower than last month's average and 71 cents higher than one year ago.

Hawaii has the highest price at $3.43 a gallon. Missouri has the lowest price, $2.76.

Thirty-eight states reported lower average prices than one month ago. Eleven posted higher prices and one state's pump costs remained the same.

Prices for regular, self-serve gasoline in the Intermountain states decreased with the exception of Idaho.

Idaho's current average price is $3.11, a 2-cent increase from last month.

Montana's price dropped 4 cents to the current average price of $3.14.

Wyoming's price also dropped 4 cents. The current average in Wyoming is $2.99 per gallon.

Colorado's motorists enjoyed an 18 cent drop from last month. Colorado motorists are paying an average of $2.92.

Arizona was the only state where the price remained the same. Arizona's average price continues to be $2.99 per gallon.

Nevada's price dropped 2 cents to the current average of $3.13.

California's price dropped 6 cents from last month to the current $3.33.

All Utah cities surveyed experienced increases in average gasoline prices.

Logan's price jumped 3 cents to $3.07.

Ogden's price increased 9 cents. Ogden's motorists are now paying $3.07 for a gallon of regular self-serve gasoline.

Salt Lake City's motorists saw an increase of 4 cents to the current average price of $3.02.

Provo's average price increased 4 cents. The current price in Provo is $3.05.

Vernal's price increased 8 cents to the current average price of $3.09. Moab's price also increased 8 cents. The current average price in Moab is $3.19.

The motorists in St. George saw prices increase 3 cents to reach $3.14 per gallon.

"Supply and demand is another measure in pricing gasoline," said Fairclough. "There is a trend to flat or slightly lower demand over the past month. This puts a downward pressure on prices since demand usually increases about 2 percent per year as more vehicles are added to the roadways. This drop-off of demand, as reported by the Energy Information Administration and Mastercard, may be a reflection of concern about the state of the economy and gasoline prices over $3 a gallon."

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