From Deseret News archives:
Gasoline prices soaring
$3.05 tops U.S. average; official says state prices may hit $4 by Labor Day
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Even so, Utah Senate President John Valentine, R-Orem, said he is surprised by how fast gasoline prices have increased this year.
"I share that same concern that we could see $4 gas," said Valentine, who added that he believes the time is right to build a new oil refinery in Utah.
"We've got crude in the Uintah Basin that is being stored and wells being capped because there is nobody that can take their capacity," Valentine said. "There is more production capacity than we have refinery capacity by a long ways."
Last fall, when Utah gasoline prices were at record levels, Valentine said significant profits were being made on the refinery side. Then, as national prices began to fall while Utah prices remained high, retailers began to reap record profits.
About 30 percent of Utah's crude oil comes from Canada, 15 percent from within the state and the rest from Colorado, Montana and Wyoming, according to the UPA.
E-mail: danderton@desnews.com
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