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The pump abides: Here’s why gas prices have been chilling for the last 10 weeks

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The pump abides: Here’s why gas prices have been chilling for the last 10 weeks

Over a dozen states are now paying less than $3 on average for a gallon of regular with Utah averaging $3.15

By Art Raymond Nov 29, 2023, 12:13pm MST

Gas prices in the Salt Lake Valley on Nov. 14, 2023.
Gas prices in the Salt Lake Valley on Tuesday, Nov. 14, 2023. Gas prices have declined across the U.S. over the past two months.

After creeping up near the $4 per gallon mark in mid-September, U.S. gas prices have been coasting downhill for the last 10 weeks and the average price for a gallon of regular across the nation clocked in at $3.25 on Wednesday, according to AAA.

That current average price is down 25 cents from a month ago and about 27 cents from this time last year.

After suffering through almost two years of gas prices that were coming in well north of the national average, Utah drivers are on the plus side of the equation now with a gallon of regular averaging $3.15 in the Beehive State on Wednesday.Report ad

Experts say price declines are being driven by falling demand, a dip in wholesale pricing and the seasonal change to winter blend fuels which are cheaper for refineries to produce.

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For every one cent that gas prices drop, U.S. drivers save a collective $3.8 million according to Patrick De Haan, head of petroleum analysis at GasBuddy.

“If you amplify that times 30 cents, we’re talking about Americans that are spending hundreds of millions less on gasoline today than they were a year ago,” De Haan told The Associated Press.

While Utah drivers are seeing some of the lowest gas prices in years, more than a dozen states are currently paying less than $3 per gallon on average. On Wednesday, Texas had the lowest average price in the country for a gallon of regular at $2.72 according to AAA. On the other side of the pump spectrum, gas prices were north of the $4 pe

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