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SALT LAKE CITY — We knew it couldn't last forever.
After dropping for a record 123 consecutive days, the national average price of a gallon of gasoline has risen every day day since Jan. 27. But even with recent increases, Utah still boasts the second lowest gas prices in the nation behind only Idaho.
The average price for regular unleaded fuel in the Beehive State registered at $1.92 per gallon — 18 cents less than last month and down $1.17 from the same time a year ago. Of the Utah cities surveyed by AAA Utah, only Moab and St. George report average prices over the $2 mark.
Nationally, the U.S. average price was $2.19. The current national average is 4 cents higher than a month ago and $1.10 less than last year at this time.
Hawaii continues to be the only state with an average price above $3, with only five states — Idaho, Montana, South Carolina, Utah and Wyoming — reporting average prices under $2.
California had the highest average price in the contiguous United States at $2.65 per gallon.
Refineries typically use the first months of the year for seasonal refinery maintenance in preparation for the high demand in the summer driving season, explained AAA Utah spokeswoman Rolayne Fairclough. This maintenance can lead to decreased production and supplies.
Another issue was the fact that about 5,200 members of the United Steelworkers union walked off their jobs at refineries and chemical plants responsible for processing more than 10 percent of U.S. petroleum, she said.
“While news of the strike has reportedly led to higher wholesale gasoline prices, the work stoppage is not expected to have a significant impact on production in the short term because refineries continue to operate,” Fairclough said. "The abundant petroleum supplies may provide the refiners and unions time to reach an agreement before there is a larger impact on consumers.”
An surplus on the global market is expected to keep the price of crude oil relatively low for at least the first half of 2015, she noted. Saudi Arabia is currently maneuvering to protect its market share by adjusting prices to various countries, including Asia and the United States, she said.
This past week West Texas Intermediate crude traded in the high $40s and low $50s per barrel, reflecting strong market volatility, Fairclough said.
