Gas prices drop close to levels seen a year ago

Previously at a record high, gas prices are dropping rapidly. Photo: AAA

UTAH — According to data from AAA, the price of regular unleaded gasoline reached a record high of $5.016 per gallon in June of this year. Now, gas prices are nearly back to levels seen before the Russian invasion of Ukraine.

The current national average price of regular unleaded gasoline is $3.380. A year ago, the national average price sat at $3.358.

The White House acknowledged the dip in gas prices yesterday in a tweet that said, “gas prices are down by nearly a third since the summer – lowering costs for American families,” yesterday.

Utah’s highest recorded average price of regular unleaded gasoline was $5.262 on July 1, 2022. Gas prices have been steadily dropping for weeks, and the current average price now sits at $3.757.

Sevier County currently has the lowest average gas price in the state at $3.439 per gallon, and neighboring Wayne County currently has the highest average price at $4.316. Summit County sits in the middle of the road at $3.814 per gallon.

However, this decline in gas prices could soon change. OPEC+, a group of 23 oil-producing nations, including Saudi Arabia and Russia, met on Sunday, December 4, and moved to maintain oil output cuts of 2 million barrels per day, about 2% of global demand, to boost the international price of oil.

“Gas prices are dropping sharply and are only a nickel more per gallon than a year ago,” Andrew Gross, AAA spokesperson, said in a press release. “But with oil being the main ingredient in gasoline, OPEC+’s move could slow this decline. However, the gas price will likely soon be lower than it was a year ago.”