Nationwide Average Gas Prices High but 31-States Have Falling Prices

The average gasoline price nationwide keeps on setting high marks. Yet that does not reflect the overall picture. The current gasoline price in thirty-one states is lower compared to the past week. This is a reflection of a falling trend that is usual for this period of the year in several parts of the nation. For example, Utah’s gasoline price today is $3.75 per gallon for regular, a rate that is lower by 1 cent, 3 cents and 8 cents compared to the previous day, the past week and the past month, respectively. Moreover, it is higher by 16 cents versus last year.

Most of the cities in Utah monitored by the AAA, as a service to its consumers, have lower gasoline prices compared to the past month. The St. George metro area is an exception as its current gasoline price is higher by a cent compared to the past month. The average gasoline price in Vernal stays the same, and drivers in Provo enjoyed the highest fall in pump prices, at 10 cents, with Salt Lake City drivers following with a 7 cent fall.

The nationwide current gasoline price average of $3.82 is still a record high figure. That level remains the same as the past day, 4 cents more than last week, 1 cent below the previous month and 42 cents greater than last year. While the average gasoline price today at the national level has been so high over the previous weeks, there was a slight downward movement with per barrel crude prices on bearish news on the economy and the conclusion of the summer driving season, said Rolayne Fairclough, a spokesperson of AAA Utah.

This downward force on gasoline prices is observed in 31 states that report falling prices compared to last week. The usual seasonal trend in lower gasoline prices was skewed by the record-high rise of 50 cents per gallon in California during the previous week. The rising gasoline costs in California were caused by worries regarding low gasoline inventories and were worsened by a recent power interruption in a California refinery owned by ExxonMobil, which went on for almost the rest of the week.

The per barrel crude prices around the world are falling as a response to bearish news of the global economy. After quickly falling lower than $90 a barrel in the latter parts of September, WTI prices once again ended lower than $90 during the past week.

By: Chris Termeer

Chris Termeer

Chris Termeer is an oil and gas consultant, industry commentator and analyst. His book, Fundamentals of Investing in Oil and Gas provides a comprehensive overview of all aspects of the oil and gas industry, including exploration, drilling, production, storage, transportation and refining, to name but a few.

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