Fuel prices affect us all. Whether you drive for a living or hardly at all, the price of gasoline can significantly affect our family budget, vacation plans or corporate fleet costs . Gasoline is a commodity like any other and is subject to the same basic economic principles - supply and demand. Utah, unlike many states, has both oil production as well as refining capacity within the State. Utah’s five petroleum refineries depend on crude oil supplies from Utah as well as surrounding intermountain states. Our local refineries manufacture roughly the equivalent of Utah’s overall gasoline needs, but the market for gasoline is more complex than that. We both import and export a significant amount of fuel through the State. Fuel is imported from refineries in Wyoming and Montana and also exported to Idaho, Washington, Nevada and other surrounding states.
Several factors play into the retail price of gasoline, but the single largest factor is the price of crude oil. Transportation costs, refining costs, marketing costs, profits and taxes are also key cost components.
Presented by CME Group