From Deseret News archives:
Gas prices in Utah have plunged to among cheapest in the nation
In fact, the dip in Utah gas prices during the past month looks steeper than the decline in many 401(k)s. Utahns were paying an average of $2.42 per gallon of gas a month ago. That has dropped by 88 cents to $1.54, according to www.gasbuddy.com.
The lowest prices in Salt Lake County for gas Friday morning included $1.53 at a Flying J and $1.54 at a Maverik in Salt Lake County. A Flying J in Layton listed $1.49 per gallon. One year ago, Salt Lakers were paying an average of $3.03 for gasoline, and in 2006 it was $2.15.
The last time Utahns paid this little was five years ago this month when gas was selling for just more than $1.50 a gallon.
Factor in inflation, and that $1.54 is worth more like $1.80 today, so essentially today's gasoline is an even greater bargain than it was several years ago.
Gasbuddy.com Friday ranked Utah as having the nation's lowest average gas prices at $1.567 a gallon, ahead of second-place Oklahoma at $1.579. It lists the U.S. average at $1.759.
Utah doesn't rank as well, however, in the AAA fuel gauge report, where it's 10th lowest nationwide with an average of $1.677 per gallon.
Gasbuddy.com and AAA use different sources for their gas price reports. Gasbuddy.com gets its data from visitors to its Web site. AAA's information comes from the Oil Price Information Service.
Still, both reports show quite a turnaround from the past summer when Utah had the nation's third-highest prices at $3.79 a gallon — ranking behind only Hawaii and Alaska.
Lee Peacock, president of the Utah Petroleum Association, told the Deseret News last July that over time the gasoline market in Utah evens out.
"Right now the pendulum has swung," he said last July.
He was right, at least for this year.
"It's amazing how far the pendulum has swung the other way," Peacock said Friday morning. "It's a whiplash effect."
He credits a huge drop in crude oil prices for the lower costs at the pump, but stressed the bad news is that it is a symptom of a sagging worldwide economy, and that's not good for anyone.
"Without some significant change, I don't see a big change in gasoline prices coming on the horizon," he said. "Consumers will continue enjoying a break."
Utah transportation leaders, though, are currently pondering a possible increase in the gas tax, and that could raise pump prices.
Peacock said Utah refineries have completed their fall maintenance period and there is now excess supply of gasoline in the state. He doesn't foresee any shortages even if Utah drivers rack up extra miles this holiday season.
