Prices are tracking crude oil futures that last week capped the longest stretch of weekly advances in more than eight years.
In Utah, a gallon of unleaded averaged $3.15, up 11 cents from last week and 22 cents from a month ago.
Although national analysts pointed to rising oil prices as the key driver behind the spike in fuel costs, AAA Utah’s Rolayne Fairclough was less certain.
"We’re not sure exactly why we’re seeing these increases," the travel services company spokeswoman said. They are "dramatic ... without significant events, such as a hurricane or unrest in North Africa. Having said that, Utah is still the third-lowest average price in the country."
At the very least, pump prices are being influenced by oil’s rise. Crude futures are up more than $10 a barrel since mid-December and have increased eight weeks in a row, matching a streak that ended in August 2004.
Data showing rising activity in the manufacturing and services sectors in the 17 European Union countries using the euro supported oil prices. And a U.S. report indicated that the services sector continues to expand. Salt Lake Tribune
