The State of Utah and Utah’s oil and gas industry leaders announced on Monday their ‘Statement of Economic Prosperity Commitment’ which focuses on a joint effort to “support reliable fuel supply, infrastructure investment, long-term energy stability, and consumer affordability for Utah consumers.” The document lists 8 agreed upon initiatives. These include supporting increased production of refined petroleum products; expanding in-state crude oil production; investing in fuel storage development to increase seasonal supply and support elevated demand; progressing permitting reform to develop and expand infrastructure; cooperating with legislative audit initiatives; supporting Tier 3 fuel production; strengthening Utah’s position as a reliable energy-producing and refining state while supporting economic growth and consumer affordability; and maintaining independent decision-making by each refiner while preserving vigorous competition among refiners for the benefit of the citizens of Utah. “If you want lower prices, you have to increase supply. It’s that simple,” says Speaker Mike Schultz. “This agreement will bring in nearly 800,000 additional gallons of fuel into the market every single day, boosting competition and putting real downward pressure on prices at the pump. This win-win solution will boost supply, lower prices, and provide much-needed relief right away to Utah families.” Rikki Hrenko-Browning, President of Utah Petroleum Association, makes clear that their organization is committed to the employees, communities, neighbors and the State of Utah. “We look forward,” she says, “to a productive working relationship with the State of Utah to continue to grow refined product output and to further solidify Salt Lake City as a leading fuels hub and energy provider for Utah and the Intermountain West.” Part of this effort includes HB 575 that streamlines permitting and reduces regulatory barriers for pipelines. The bill states that, beginning July 1, Utah’s gas tax will be reduced by 15%.
