Provo sees another big drop in gasoline prices

Local News
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PROVO, Utah (ABC4 News) – GasBuddy has surveyed 138 gas stations in Provo and the results are showing some good news!

The average price for a gallon of gas stands at $2.12, which is a 6 cent drop from last week.

Average gasoline prices for the first week of February have varied over the last five years. Drivers paid the highest price in 2014 when gas was $3.02 per gallon; while the lowest price was $1.78 per gallon in 2016.

Areas near Provo are also seeing a drop in gas prices. The average price in Ogden is $2.33 per gallon, which is down nearly 5 cents from last week. In Salt Lake City, a drop of just over 5 cents, has the average price per gallon ringing up at $2.18.

“While oil prices have risen to their highest in months on the instability in Venezuela’s political situation, gasoline demand has remained weak and supply strong, thus keeping increases firmly in check,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “As the record gasoline supply continues to overshadow markets ahead of the road to summer gasoline, any updrafts at the pump will be small and limited for now, but once the transition begins, the supply overhang will be drawn down in short order as refiners liquidate winter gasoline, ushering in eventually higher prices come late-February and early March.”

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