BUSINESS + ECONOMY

Gas prices in Utah likely to stay cheap as we enter 2024

Dec 29, 2023, 2:00 PM

man pumps gas, gas prices will stay low as the new year starts...

Charles Barnes fuels up at Shoppers Express in Salt Lake City on Tuesday, May 10, 2022. (Kristin Murphy/Deseret News)

(Kristin Murphy/Deseret News)

SALT LAKE CITY — Average gas prices in Utah have fallen below $3 and experts say we can expect cheaper gas as we begin the new year.

As of Friday, according to AAA, Utah’s average price for unleaded gas is $2.88 a gallon.

AAA Spokesperson Julian Paredes said that if there are no major curveballs in the market, we shouldn’t start to see prices rise until mid to late February.

Why have gas prices fallen in Utah?

Julian Paredes said that one thing helping us now is the end of a heat wave in the U.S.

“You wouldn’t think that would impact gas prices but refineries can’t produce as much gas when it’s extremely hot outside. Like, it really does affect refineries and they really have to slow down production.”

So thanks to winter’s cooler weather, refineries are now able to work at full production. As it turns out, that’s not all we can thank the wintertime for.

“People are less likely to be driving when it’s nighttime. And obviously, during wintertime, the days are a lot shorter,” Paredes said.

Of course, that means that once the U.S. starts getting more daylight, more people will be driving. That’ll drive up demand. 

But for now, it looks like Utahns get to enjoy cheap trips to the gas station for a little while longer.

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Gas prices in Utah likely to stay cheap as we enter 2024