CASPER, Wyoming – While the statewide average price of gasoline fell for the second week in a row, it rose in Natrona County.
The national average price fell 3.2 cents to $3.41 per gallon on Monday, according to data from GasBuddy. The national average is down 11.6 cents from the previous month and is 42.5 cents per gallon below the year-ago figure.
The national average price of diesel fell 3.4 cents last week to $3.72 per gallon, the lowest since January 2022, more than 900 days ago.
“As the summer season slowly comes to an end, we continue to see gasoline prices falling in most parts of the country as demand remains subdued. Incredibly, the price decline has also caused diesel prices to fall to their lowest levels since the Russian invasion of Ukraine,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “As long as we can avoid a major hurricane threatening refineries in the Gulf region, I think the price declines could continue this week and the national average could fall to its lowest level of the summer. However, if economic data comes in better than expected, there could still be a short-lived recovery.
“Although some states, particularly the Great Lakes and Florida, may see increases in gasoline prices as part of routine price fluctuations, overall prices remain lower across all states compared to last year.”
On Monday, AAA reported that the statewide average price for a gallon of regular gasoline is $3.44 per gallon, down 3 cents from a week ago. Wyoming’s average price is $3.37, down 1 cent from last week. Natrona County continues to have the cheapest in the state at an average of $3.07, up 1 cent from last week, according to AAA. Goshen County follows at $3.10 and Albany County at $3.21.
The cheapest fuel in Natrona County on Monday was $2.93 at Exxon, 1968 E. Yellowstone Highway, followed by $3.01 at Sam’s Club, 4600 E. 2nd St., and Loaf ‘N Jug, 59 S. Curtis St. in Evansville, according to GasBuddy reports.
Also included in Monday’s GasBuddy report:
Oil markets
After four weeks of falling prices, oil posted its first weekly increase last week as unemployment figures showed fewer Americans lost their jobs; a positive sign after the labor market added fewer jobs than expected in July. In addition, rising geopolitical tensions in the Middle East and falling oil inventories have supported the rise in oil prices. Iran is considering a strong response to Israel’s attacks but is under pressure from many governments to avoid escalation and there are talks of a possible ceasefire. The rise in oil prices could be limited, however, as OPEC plans to return some oil to the market in the coming weeks, while U.S. oil inventories have fallen by more than 30 million barrels since late June. In early Monday trading, WTI rose 92 cents a barrel to $77.76, from $72.49 a week ago. Brent also traded higher, up 80 cents at $80.46 a barrel, up from $75.87 a week ago.OIL AND REFINED PRODUCTS
Last week’s report from the EIA showed a 3.7 million barrel decline in U.S. oil inventories. They are now 16 million barrels below year-ago levels, while the SPR added another 700,000 barrels, 8 percent above year-ago levels. Weekly estimates for U.S. oil production showed an increase to 13.4 million barrels per day, 800,000 bpd more than a year ago. Gasoline inventories climbed a modest 1.3 million barrels to 225.1 million, about 9 million more than a year ago. Distillates inventories rose 900,000 barrels to 127.8 million, nearly 11 percent more than a year ago. Implied gasoline demand, used by the EIA as a proxy for retail demand, fell 282,000 bpd last week to 8.97 million barrels per day. Refinery capacity utilization increased by 0.4 percentage points to 90.5 percent.FUEL DEMAND
According to GasBuddy demand data collected by the Pay with GasBuddy™ fuel card, U.S. retail gasoline demand fell 3.8% for the week ending August 10 (Sun.-Sat.). Broken down by PADD region, demand fell 6.9% in PADD 1, likely due in part to Tropical Storm Debby, which caused massive flooding. It fell 2.1% in PADD 2, 4.4% in PADD 3, 0.6% in PADD 4, and 0.0% in PADD 5. GasBuddy calculates U.S. gasoline demand at 8.94 million barrels per day.Gas price development
The most common gasoline price displayed to drivers in the U.S. was unchanged from the previous week at $3.49 per gallon, followed by $3.39, $3.29, $3.19 and $3.59 rounding out the five most common prices.The average price of gasoline in the U.S. is $3.34 per gallon, down 3 cents from last week and about 7 cents less than the national average.
The top 10% of gas stations in the country charge an average of $4.39 per gallon, while the bottom 10% charge an average of $2.86 per gallon.
The states with the lowest average prices: Mississippi ($2.92), Oklahoma ($2.96), Louisiana ($2.96).
The states with the highest average prices: Hawaii ($4.58), California ($4.54) and Washington ($4.16).
Biggest weekly changes: Florida (-16.2 °C), Indiana (-13.2 °C), New Mexico (+13.0 °C), Delaware (+10.5 °C), Michigan (-10.3 °C)
DIESEL PRICE DEVELOPMENT
The most common diesel price paid in the US was $3.69 per gallon, 10 cents less than last week. Followed by $3.59, $3.79, $3.49 and $3.99, which rounded out the five most common prices.The average diesel price in the U.S. is $3.64 per gallon, unchanged from last week and about 7 cents lower than the national average for diesel.
At the top 10% of gas stations in the country, diesel prices average $4.61 per gallon, while at the bottom 10%, they average $3.12 per gallon.
The states with the lowest average diesel prices: Oklahoma ($3.26), Texas ($3.27) and Louisiana ($3.39).
The states with the highest average diesel prices: Hawaii ($5.38), California ($4.88) and Washington ($4.44).
Biggest weekly changes: Rhode Island (-11.0 °C), Florida (-10.4 °C), Hawaii (-6.8 °C), Washington (-6.3 °C), New Mexico (+5.6 °C).
