Estimated read time: 2-3 minutes
- Gas prices in the U.S. have dropped, with a median price of $2.99 per gallon.
- Experts attribute the decline to seasonal demand changes, not political factors or elections.
- Utah's average gas price is $3.36, higher than the national average.
SALT LAKE CITY — Petroleum industry watchers report U.S. gas prices continued to decline this week, reaching a median price of $2.99 per gallon even as military conflict in and around Middle East oil-producing nations continues.
While median pricing hit the sub-$3 level this week, the average price for a gallon of regular across the country is currently $3.07, down 12.9 cents from a month ago and 39.8 cents per gallon lower than this time last year, according to data from GasBuddy.
Patrick De Haan, head of petroleum analysis at GasBuddy, said gas prices are now at the lowest level since early this year and predicts price declines will continue in the near term. De Hann also discounted a popular narrative connecting U.S. gas price fluctuations with the world of politics.
"The national average price of gasoline has continued its decline over the last week, as expected, as oil prices have sunk due to Israel avoiding attacks on Iran's oil infrastructure, and seasonal decreases in demand are pushing gasoline lower, as is normal for this time of year," De Haan said in a Monday blog post. "In addition to gasoline prices falling to their lowest level since January, the average price of diesel has now fallen to its lowest level in over three years.
"While many Americans may incorrectly credit the upcoming election for the declines, politicians have little influence over the strong seasonal forces that drive prices lower in autumn. With winter gasoline soon to reach the rest of California, and demand continuing to decline as Americans grapple with colder weather, the drop in demand is pushing gas prices down — not politicians on either side, as much as they might like to think they do. I expect the decline in gas prices will continue into and even beyond the upcoming election."
While 19 states have average gas prices under $3 per gallon, according to data published Wednesday by AAA, Utahns are currently paying an average $3.36 per gallon. Last week, gas prices in the Beehive State were averaging $3.43 per gallon and this time last year, the average price per gallon was $3.74 statewide.
Current average prices for a gallon of regular gas in select Utah metros as of Wednesday, according to AAA:
- Logan, $3.31
- Ogden, $3.32
- Provo-Orem, $3.26
- Salt Lake City, $3.33
- St. George, $3.47
States with the highest average prices currently include California, $4.53; Hawaii, $4.53; and Washington, $4.01, per GasBuddy data. States with the lowest average prices right now include Texas, $2.60; Mississippi, $2.65; and Louisiana, $2.69.
