Wednesday, March 24, 2010

Utah Gas Prices Hitting $3 per Gallon

The Salt Lake Tribune had an article today talking about gas prices bumping up to $3 per gallon at some Utah stations. CNG Utah was mentioned in the article.

Link to Article

Article Text:
Utah gas prices inch near $3 a gallon
Economy » Higher prices restore natural gas's popularity.
By Lesley Mitchell
The Salt Lake Tribune
Updated: 03/24/2010 08:47:24 AM MDT

Just in time for the summer driving season, Utah's gas prices are climbing toward $3 per gallon.
The average cost of a gallon of unleaded gasoline is $2.90, up from $2.73 one month ago and $1.80 one year ago, according to travel-services agency AAA. Utah's prices are 8 cents higher than the national average and the 10th highest among all states.
Gas prices typically increase in the spring and early summer as demand rises, leveling off sometime around Memorial Day or early June.
The good news is experts doubt Utah's prices will go anywhere near the record $4.22 per gallon set in July 2008.
The bad news is some stations in the Salt Lake area already are selling regular unleaded for $3 per gallon. (For a list of the stations with the highest and lowest gas prices, go to www.saltlakegasprices.com.)
And this summer, "the Salt Lake area could see a high of $3.20 to $3.35 per gallon for unleaded," said Patrick DeHaan, senior petroleum analyst for price-comparison Web site GasBuddy.com.
Oil prices, another factor affecting pump prices, have remained largely constant at around $80 per barrel. But DeHaan said the upward trend in prices also can be tied to investors who are placing their bets on future increases in the price of oil as the economy improves.
Greg Whall, of Taylorsville, who drives a Chevrolet Suburban, said he has canceled a Memorial Day weekend road trip because of the recent price spike. He also has a travel trailer and a boat, which could remain parked most or all of the summer if there is no relief. "It's scary how high gas prices are now," he said.
At $3 gallon, car shoppers are once again looking into vehicles powered by compressed natural gas, said Kevin Frazier, co-owner of CNG Utah of Orem, which opened in 2007. CNG is selling for 93 cents per equivalent gallon.
Last year, when unleaded gasoline was $1.80 per gallon, demand for CNG vehicles plummeted. "People didn't see the need to lower their fuel costs," he said.
"But at $3 gallon, people are starting to think about it. It's definitely been a lot busier this year."
lesley@sltrib.com

1 comment:

Dennen and Hilary Frazier said...

No one comments on your CNG blog. Hmmm. I guess I'll comment. Here it is: "I enjoy driving CNG vehicles b/c of the lifestyle and social status." Done and done.