CASPER, Wyoming – For the third week in a row, the national average price of gasoline fell by 4.2 cents, while local prices in Natrona County rose.
The national average price fell to $3.37 per gallon on Monday, according to GasBuddy data compiled from more than 12 million individual price reports. The national average is down 11.4 cents from the previous month and is 47.8 cents per gallon below the year-ago figure.
The national average price of diesel fell 2.6 cents last week to $3.69 per gallon, the lowest in 940 days.
“Gasoline and diesel prices continue to fall across much of the country as summer demand eases. Lower demand in other oil-consuming countries is also adding to the downward pressure on pump prices as we approach Labor Day,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “With little new action in the Middle East to drive up prices and Hurricane Ernesto still far out at sea, it looks like the downward trend could continue in the coming week.
“As more schools reopen, gasoline demand is likely to continue to decline. With the switch to winter gasoline beginning in most countries in less than a month, gasoline prices will soon begin their seasonal cooling process – and temperatures will soon do so, too.”
On Monday, AAA reported the statewide average price for a gallon of regular gasoline at $3.41 per gallon, down 3 cents from a week ago. Wyoming’s average is $3.38, up 1 cent from last week. Natrona County’s average of $3.13 is up 6 cents from last week and is now the second cheapest in the state, according to AAA. Goshen County is currently the cheapest and Albany County is the third cheapest at $3.21.
The cheapest fuel in Natrona County on Monday was $2.95 at Exxon, 1968 E. Yellowstone Highway, followed by $2.98 at Loaf ‘N Jug, 59 S. Curtis St. in Evansville, according to GasBuddy reports.
Also included in Monday’s GasBuddy report:
Oil markets
With continued economic worries in either market and the possibility of more attacks in the Middle East, oil prices have been somewhat in limbo over the past week. Worries about Chinese demand have resurfaced with a worse-than-expected outlook for the Chinese economy, while the U.S. economy remains a major concern. In early Monday trading, a barrel of WTI crude was priced at $76.40, just over $1 below the previous week’s starting price of $77.66 per barrel. Brent crude was also in the red since Monday morning, 30 cents lower at $79.38 per barrel, slightly lower than the previous week’s starting price of $80.46 per barrel. With Middle East talks continuing, oil prices could come under further pressure should there be a breakthrough. New data showed China’s diesel and gasoline exports collapsed in July as weak crack spreads likely curbed refinery output.OIL AND REFINED PRODUCTS
Last week’s EIA report showed crude inventories rising by 1.4 million barrels, while the SPR gained another 700,000 barrels. Gasoline inventories fell by nearly 3 million barrels, while distillates fell by 1.7 million. Implied gasoline demand rose 78,000 barrels per day to 9.05 million, while refinery utilization increased 1 percentage point to 91.5%. Total U.S. crude inventories are up 21.4 million barrels year-on-year, while inventories, including gains in the SPR, are up nearly 50 million barrels year-on-year.FUEL DEMAND
According to GasBuddy demand data collected from the Pay with GasBuddy™ fuel card, U.S. retail gasoline demand increased 0.1% for the week ending August 17 (Sun.-Sat.). Broken down by PADD region, demand increased 2.5% in PADD 1, 1.0% in PADD 2, 1.0% in PADD 3, 0.8% in PADD 4 and 4.1% in PADD 5. GasBuddy calculates U.S. gasoline demand at 8.96 million barrels per day.Gas price development
The most common gasoline price displayed to drivers in the U.S. was $3.29 per gallon, down 20 cents from last week. Followed by $3.39, $3.19, $3.09 and $3.49, which round out the five most common prices.The average price of gasoline in the U.S. is $3.28 per gallon, down 6 cents from last week and about 9 cents less than the national average.
The top 10% of gas stations in the country charge an average of $4.48 per gallon, while the bottom 10% charge an average of $2.83 per gallon.
The states with the lowest average prices: Mississippi ($2.91), Oklahoma ($2.92), Texas ($2.97).
The states with the highest average prices: Hawaii ($4.59), California ($4.52) and Washington ($4.14).
Biggest weekly changes: Indiana (-12.7 °C), Ohio (-12.7 °C), Michigan (-11.2 °C), Illinois (-10.5 °C), Delaware (-9.5 °C)
DIESEL PRICE DEVELOPMENT
The most frequently quoted diesel price in the US was $3.69 per gallon, unchanged from the previous week. The top five most frequently quoted prices were $3.49, $3.59, $3.79 and $3.99.The average diesel price in the U.S. is $3.62 per gallon, down 2 cents from last week and about 7 cents less than the national average for diesel.
At the top 10% of gas stations in the country, diesel prices average $4.65 per gallon, while at the bottom 10%, they average $3.06 per gallon.
The states with the lowest average diesel prices: Texas ($3.20), Oklahoma ($3.21) and Mississippi ($3.37).
The states with the highest average diesel prices: Hawaii ($5.35), California ($4.84) and Washington ($4.41).
Biggest weekly changes: Delaware (-12.2 °C), Maryland (-9.6 °C), Texas (-7.0 °C), Utah (-5.8 °C), Colorado (+5.6 °C).
