SALT LAKE CITY (ABC4) – If you’ve been to the pump lately, you might have felt like you saw a ghost. The national average price for a gallon of gasoline has made a spooky jump, rising six cents over the past week to $3.38.
In Utah, the average price is even higher than that.
AAA reports the pump price has gone up every day in the past 27 days, adding about 20 cents to the cost of a gallon of gas. The current prices for gas have reached highs not yet seen in the last seven years.
“With the U.S. economy slowly recovering from the depths of the pandemic, demand for gas is robust, but the supply is tight,” says Andrew Gross, AAA spokesperson. “We haven’t seen prices this high since September of 2014.”
According to AAA, the recent rise in the pump is due to higher demand and a decline in stocks, alongside elevated crude prices. Global oil production remains below pre-pandemic levels. New data from the Energy Information Administration says the total domestic gasoline stocks decreased by 5.4 million bbl to 217.7 million bbl last week. Yet the demand for gasoline increased from 9.19 million b/d to 9.63 million b/d.
“Since the cost of oil accounts for more than half of the pump price, consumers will be paying more as long as crude prices remain high,” AAA explains.
As of October 27, the national average is $3.39, up more than 20 cents than a month ago and $1.22 more than a year ago.
In the AAA’s October 25 report, Utah ranks among the top 10 most expensive markets for gasoline:
- California ($4.54)
- Hawaii ($4.26)
- Nevada ($3.92)
- Washington ($3.87)
- Oregon ($3.78)
- Alaska ($3.72)
- Idaho ($3.71)
- Utah ($3.68)
- Washington, D.C. ($3.57)
- Pennsylvania ($3.56).
As of October 27, the average price of gas in Utah has jumped to $3.73.
Below is an interactive map of the average price of gas per county:
Daggett and Beaver counties are reporting the highest prices of gas at $3.96 and $3.93 a gallon, respectively. On the low end are Sevier at $3.60 a gallon and Juab at $3.65. Utah's current average price for gas is $1.36 higher than it was a year ago at $2.37.
Gas prices hit a seven-year high for Labor Day travel in September, averaging $3.11 a gallon.