UTAH (ABC4) – As gas prices continue causing pain at the pump, it appears the soaring costs will not be disappearing anytime soon.
Gas prices in Utah have reached a new record high on Monday, hitting an average of $4.69 per gallon.
According to AAA, the average gas price in Utah continues to hit higher than the national average at $4.61 per gallon of regular fuel as of May 30.
Utah’s new gas record for a gallon of regular unleaded gasoline was set on May 29.
According to GasBuddy, the cheapest average gas prices are hitting around $4.57 per gallon in Uintah County. All other counties are seeing prices averaging over $4.60 per gallon.
Quick Utah Gas Facts:
- Utah prices have gone up about 8.6 cents from last week’s average of $4.58.
- Gas prices today have gone up about 20.7 cents when compared to last month’s average of $4.46.
- Utahns are paying an average of $1.32 more today when compared to last year’s average of $3.35.
As the weather warms and folks start planning summer road trips, experts are concerned the prices will climb even higher.
A Forbes poll found that the cost of travel and today’s high gas prices are affecting plans for 54% of summer vacationers this year.
Americans aren’t the only ones weighing their options as the summer travel season begins. Across the European Union’s 27 countries, gasoline has risen 40% from a year ago, to the equivalent of $8.40 a gallon.
Although gas prices saw a slight decrease in April, oil prices never fully bounced back to pre-sanction prices. Experts now say the odds of the European Union implementing sanctions on Russian oil have increased, pushing volatile prices higher once again.
“Liquid fuels have turned into liquid gold, with prices for gasoline and diesel spiraling out of control with little power to harness them as the imbalance between supply and demand globally continues to widen with each passing day,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Russia’s oil increasingly remains out of the market, crimping supply while demand rebounds ahead of the summer driving season. There’s little, if any, good news about fuel prices heading into summer, and the problem could become worse should we see an above-average hurricane season, which could knock out refinery capacity at a time we badly need it as refined product inventories continue to plummet.”
To check out GasBuddy’s live tool showing the cheapest gas prices in Utah right now, click here.