Access Application State from outside a Page

I'm trying to access the Application State from a utility class in the web application but I'm not sure of the best way to do it. I looked for a static member but there is none of use (I was thinking somewhere along the lines of HttpContext.Current).

The best solution I found so far is to have a member in the utility class that will be initialized in Application_Start event of the Global.asax.cs (I can get it from this.Application there) but would there be any risk of "something" happening to that reference (I don't care about the application being restarted as I'm only looking for a cache functionality)?