GILLETTE, Wyo. — Campbell County drivers are continuing to see some of the cheapest gas prices in Wyoming. The county’s average price for a gallon of regular unleaded fell another 13 cents last week to within 1 cent of a $3 average price.
GasBuddy reports that the national average price fell for the eighth straight week, this time by 4.6 cents, to $3.33 per gallon on Sunday. The national average is down 24.8 cents from a month ago and down 42.6 cents from a year ago.
The national average price of diesel has fallen 4.2 cents in the last week to stands at $4.34 per gallon — $1.01 lower than one year ago.
“As motorists turn their attention to Thanksgiving, they certainly can be thankful for the decline in gasoline prices, which has now reached eight straight weeks. GasBuddy counts 11 states where average prices are below $3 per gallon, with several more to join this week. Even in California, the nation’s most expensive gasoline average will fall below $5 in the next 48 hours,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Gasoline demand has struggled in recent weeks, falling not only due to the seasonal nature, as Americans drive less as the weather gets colder, but it appears there may be some economic headwinds entering the equation as well.”
Today, AAA reported the national average price for a gallon of regular gasoline at $3.36 per gallon, down 5 cents from last week. Wyoming’s average is $3.40, down 9 cents from a week ago. Campbell County’s average of $3.01 is the second cheapest in the state by 23 cents and is 16 cents behind Natrona County’s $2.85 average, according to AAA.
The cheapest fuel reported in Campbell County on Monday was $2.86 at Good 2 Go, 1616 Highway 14-16, followed by $2.87 at M.G. Oil Co., 502 El Camino Road, according to GasBuddy’s report.
Also included in GasBuddy’s report on Monday:
Oil futures slipped slightly in early Monday trading after declining last week for a third straight week as concerns abound about a weakening outlook for global demand, a picture that has grown more grim. In early Monday trade, a barrel of West Texas Intermediate crude oil just moved into the red, down 5 cents to $77.12 per barrel, down from last Monday’s $81.48 per barrel start, and down from $83.93 two weeks ago. Brent crude was seen down a penny per barrel to $81.42 per barrel, down from $85.65 last Monday, and down from $89.04 two weeks ago. While OPEC slightly raised its forecast for 2023 oil demand growth to 2.5 million barrels per day, oil markets failed to be convinced the news was good. Meanwhile, risk slowly continues to drop as Israel and Hamas may be closer to a potential hostage exchange, deescalating fears that the violence would spread outside the immediate boundaries. In addition, CFTC data showed a decline in open interest in crude oil futures, while markets moved away from backwardation in the first quarter of 2024, helping to likely slow the bleeding in oil prices.
OIL AND REFINED PRODUCTS
Last week’s report from the Energy Information Administration was delayed as the agency underwent a system upgrade and will have two reports issued this week Wednesday. GasBuddy data showed a large drop in gasoline demand, but it remains to be seen what EIA data concludes.
According to GasBuddy demand data driven by its Pay with GasBuddy™ fuel card, U.S. retail gasoline demand saw a drop of 4.0% for the week ending October 28 (Sun-Sat). Broken down by PADD region, demand fell 3.7% in PADD 1, fell 4.9% in PADD 2, fell 4.8% in PADD 3, fell 2.9% in PADD 4, and fell 1.7% in PADD 5. GasBuddy models U.S. gasoline demand at 8.42 million barrels per day.
GAS PRICE TRENDS
The most common U.S. gas price encountered by motorists stood at $2.99 per gallon, unchanged from last week, followed by $3.19, $3.29, $3.09, and $2.89 rounding out the top five most common prices.
The median U.S. gas price is $3.19 per gallon, unchanged from last week and about 14 cents lower than the national average.
The top 10% of stations in the country average $4.86 per gallon, while the bottom 10% average $2.64 per gallon.
The states with the lowest average prices: Texas ($2.76), Mississippi ($2.80), and Georgia ($2.83).
The states with the highest average prices: California ($5.03), Hawaii ($4.69), and Washington ($4.44).
DIESEL PRICE TRENDS
The most common U.S. diesel price stood at $3.99 per gallon, unchanged from last week, followed by $4.29, $4.49, $4.39, and $4.19 rounding out the top five most common prices.
The median U.S. diesel price is $4.24 per gallon, down 1 cent from last week and about 10 cents lower than the national average for diesel.
Diesel prices at the top 10% of stations in the country average $5.49 per gallon, while the bottom 10% average $3.67 per gallon.
The states with the lowest average diesel prices: Texas ($3.78), Mississippi ($3.86), and Louisiana ($3.90).
The states with the highest average diesel prices: California ($5.96), Hawaii ($5.67), and Washington ($5.28).GasBuddy