Another one from less than a week later reads: “Why these Utahns are OK with their daily commutes.” Again, no mention of gas prices in this article. A lot goes into gas prices: the price of globally traded crude oil, Utah’s unique geographic and topographic position, the relatively small size of Utah’s refineries compared to those on the Gulf Coast — but one thing we’ve yet to touch on is simple supply and demand. If housing in Utah is expensive, pushing people further away from their jobs, it stands to reason that Utah motorists will need more gasoline. And in fact, Utah’s fuel demand has increased 5.2% since 2016, while the national average fuel demand has dropped 5.7% over the same period. Utah is a popular place to live, with thriving economic growth, and while growth is generally preferable to contraction, it also has its own challenges. Lots of people want to enjoy Utah for its abundant benefits and high quality of life. Where and how you fit all those people isn’t easily solved, and that central tension leads to ripple effects that contribute to issues like gas prices. And this problem isn’t going away. A recent article in the St. George News sports the headline: “Utah listed among two-thirds of states where home-buying is increasingly unattainable.” The article goes on to state: “In October, Redfin reported that home prices in Utah were up 4.8% compared to last year, selling for a median price of $578,500. Just five years ago, the average homebuyer here could purchase the average home on an $80,000 income, according to a 2020 report aired by KUTV-News. But a Bankrate.com study in 2024 found that a Utah homebuyer needed a $134,000 income to purchase the average home at a price of $525,000. Although national officials are loath to use exactly those terms, Utah residents are by no means alone in facing the U.S. affordability crisis.” Utah is an incredible place to live and do business, and we at the Utah Petroleum Association are fortunate to represent this industry. Our job is to work with stakeholders at all levels and of all types to ensure a productive, prosperous, and thriving oil and gas industry that benefits us all. We educate, we advocate, we collaborate. Our ultimate goal is to equip decision-makers with the information they need to make decisions. That’s why we thought it prudent to help you understand the unique challenges and opportunities ahead. The Utah oil and gas industry is a growth industry — if we can keep it. 13 UPDATE
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