Story perspectives

Utah Consumer Sentiment Drops 4.6% as Prices Rise

By Drooid · Oct 9, 2026, 10:17 PM UTC · How we work

Summary

Story summary

Zions Bank senior economist Robert Spendlove said Utah consumer sentiment fell 4.6% in September, the lowest since May.
He linked the decline to higher gas and grocery prices caused by the Iran conflict.
Average gas price in Utah reached $4.92 per gallon, $1.52 above a year earlier.
Weekly 30-year fixed mortgage rate rose to 7.28%, prompting a 4.2% drop in mortgage applications.

History

Historical Context

October 1973 OAPEC, under Saudi King Faisal, embargoed oil to the United States and other Israel allies, slashing exports by up to 70% and pushing crude from $3 to nearly $12 a barrel—a 300% jump. President Richard Nixon responded with Project Independence and the creation of the Strategic Petroleum Reserve. The shock sparked inflation, tighter monetary policy, and long-term effects on the U.S. housing market.

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Story summary

Zions Bank senior economist Robert Spendlove said Utah consumer sentiment fell 4.6% in September, the lowest since May.
He linked the decline to higher gas and grocery prices caused by the Iran conflict.
Average gas price in Utah reached $4.92 per gallon, $1.52 above a year earlier.
Weekly 30-year fixed mortgage rate rose to 7.28%, prompting a 4.2% drop in mortgage applications.

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