Prices in Utah tend to lag national changes, both on the upswing and the backslide. But Peacock said that over time, prices even out.

"I think we've demonstrated in the past we operate in a reasonable and ... balanced way," he said.

The national average price for a gallon of regular unleaded gas on Wednesday was $3.79. In Utah, the average price was $4.10 per gallon, only lower than Alaska, where a gallon of gas cost $4.64, and Hawaii, where it was $4.45.

On July 17, the national average price for a gallon of gas hit a record high of $4.11. Since then, the price has dropped 32 cents. Utah hit its record-high average price of $4.22 per gallon on July 18. But gas prices in Utah have only dropped 12 cents since then.

In September 2006, Utah's gas prices were the fourth-highest in the nation, and Huntsman called for an investigation by the Utah Department of Commerce. The department, in an October 2006 report, found that retailers were gouging consumers but that they were not breaking state laws.

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Contributing: Jennifer Toomer-Cook

E-mail: lhancock@desnews.com