Gasoline prices along the I-15 corridor near Lehi reached approximately $4.65 a gallon following a 26-cent statewide surge in a single week, according to AAA data released on Thursday, Sept. 10. The price increase affects the Provo-to-Salt Lake City-to-Ogden stretch, which serves as a daily commute for many Silicon Slopes workers.
Utah's statewide average reached $4.68 a gallon, making it the eighth most expensive state for gasoline in the country. St. George reported the highest state average at $4.78. AAA Mountain West Group spokesperson Aldo Vazquez stated that these prices are comparable to levels seen in early June. Vazquez noted that both state and national averages are increasing during a season when prices typically decrease due to lower gasoline demand following Labor Day.
AAA attributed the price surge to volatility in the Strait of Hormuz, noting that crude oil moved back toward $100 a barrel for the first time since July. West Texas Intermediate crude was reported to have settled at $96.05 a barrel on Wednesday, Sept. 9. Nationally, the average rose 13 cents over the same week to $4.27 a gallon.
The Deseret News reported on Tuesday, Sept. 8, that Utah drivers were paying $4.41 a gallon. By two days later, the state average had increased by an additional 27 cents.
Regarding other costs, CBS News reported on Friday, Sept. 11, that the Consumer Price Index rose 3.4% annually in August, with gasoline prices jumping 3.9% during that month. Following that report, CME FedWatch data cited by CBS News indicated a nearly 90% likelihood of a Federal Reserve rate hike at the meeting scheduled for Wednesday, Sept. 16.
For commuters in the Lehi area filling a 15-gallon tank along the I-15 corridor, the current price is roughly $70, which is about $21 more than the cost one year ago.
