BUSINESS + ECONOMY

Data shows significant uptick in gas prices over past month in Salt Lake area

Mar 29, 2024, 6:51 AM

a person pumps gas, which is expected to lower in price in 2023...

Matt Wolski pumps gas at Shoppers Express in Salt Lake City on Tuesday, May 10, 2022. Gas prices have hit a new record high. (Kristin Murphy/Deseret News)

(Kristin Murphy/Deseret News)

UTAH COUNTY — Gas prices rose considerably over the past month in the Salt Lake area, according to data from industry watchers.

Gasbuddy.com showed Utah on the warmer side of prices across the country Wednesday, with an average statewide price of $3.76. Charts on the site showed the Salt Lake area go from well below the national average to well above the national average in one month.

 

gas data

This chart from Gas Buddy shows the average gas prices in the U.S., Utah and Salt Lake. (GasBuddy.com)

AAA gas prices showed Utah with an average price of $3.77 as of Thursday morning, up from nearly $3.13 a month ago.

“Certainly what we’ve seen is that gas prices have been rising quite a bit lately,” said BYU associate professor of economics Christian vom Lehn.

According to vom Lehn, Utah is more susceptible to more significant fluctuations due to regulations.

“What’s notable is that Utah’s regulatory standard is a little bit stricter than many other parts of the country,” vom Lehn told KSL TV. “As a result, we tend to feel these seasonal price movements more strongly and intensely in Utah than perhaps some other parts of the country.”

Considering added summer production costs and summer demand, vom Lehn said the uptrend made sense.

“These movements in gas, while not welcome or pleasant to the pocketbook, are also not necessarily surprising,” vom Lehn said.

He loosely projected a peak gas price in Utah this summer of $4.20.

At a gas station in Orem, Adam Sherman said he hadn’t yet noticed the recent increase in gas prices, but he had felt the overall pinch of inflation and increasing prices everywhere.

“I can complain about it, but at the end of the day I’m going to have to fill up my gas anyway,” he said.

Related: Gas prices continue to soar in the West, now over $4 a gallon in Utah

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Data shows significant uptick in gas prices over past month in Salt Lake area