GILLETTE, Wyo. — While gas prices in Wyoming have continued to plummet alongside national prices, Campbell County’s average is down just 2 cents. Meanwhile, the national average is down 5.8 cents.
For the 10th straight week, the nation’s average price of gasoline has declined, falling to $3.21 per gallon Sunday, according to GasBuddy data compiled from more than 12 million individual price reports.
The national average is down 26 cents from a month ago and 30.3 cents from a year ago.
The national average price of diesel has fallen 5.2 cents in the last week to stand at $4.22 per gallon — $1 lower than one year ago.
“With the national average price of gasoline declining for the 10th straight week, motorists are enjoying the longest downward trend at the pump since the summer of 2022. The timing couldn’t be better as Americans head into the holidays, leaving them with more in their wallets at a time of year many start to spend on gifts for loved ones,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “In addition, gasoline demand continues to be dragged lower as Americans stay inside more often, helping to put continued downward pressure on gasoline prices.
“However, we’re carefully monitoring OPEC’s delayed meeting, set to occur this week, for potential surprises that could eventually mean an end to lower gas prices should they make any surprise oil production cuts.”
Today, AAA reported the national average price for a gallon of regular gasoline at $3.24 per gallon, down 6 cents from last week. Wyoming’s average is $3.18, down 10 cents from a week ago. Campbell County’s average of $2.82 is the second cheapest in the state, coming in 25 cents higher than Natrona County’s $2.57, according to AAA.
The cheapest fuel reported in Campbell County on Monday was $2.67 at M.G. Oil Co., 502 El Camino Road, according to GasBuddy’s report.
Also included in GasBuddy’s report:
OIL PRICES
For the fifth straight week, oil prices closed lower on the week, though with the typical volatility, it was a close call, with West Texas Intermediate crude oil losing just a few pennies. Amidst anxiety over OPEC’s upcoming virtual meeting, Monday saw additional selling pressure, with WTI off 65 cents in early trade to $74.89, down from last Monday’s sizzling start, which saw oil at $77.60. Brent crude oil was also down in early Monday trade, off 63 cents to $79.95 per barrel, also down from last Monday’s $82.37 per barrel start. All eyes will be on OPEC’s delayed meeting this week, with Russia also participating, against a backdrop of a prolonged downturn in oil prices as markets focus on inventories rising even with OPEC+’s current slate of cuts. Should OPEC make a surprise cut, it could jolt some life into oil markets, whereas there appears to be some disagreement amongst oil producers, leading to the delayed meeting taking place half a week late.OIL AND REFINED PRODUCTS
Last week’s report from the Energy Information Administration showed a large 8.7 million barrel increase in crude oil inventories, which stand at 448 million barrels, nearly 4% above last year, but 1% below the five-year average for this time of year. The SPR remained unchanged at 351.3 million barrels but will likely start rising again in Q1 of 2024 with several purchases being made. Gasoline inventories ticked up 700,000 barrels and stand up 5.4 million barrels versus a year ago but remain 2% below the five-year average range. Distillate inventories fell by a million barrels and stand 13% below the five-year average for this time of year. Implied gasoline demand plummeted 469,000 bpd, close to GasBuddy’s estimated level for the week, while refinery utilization ticked up 0.9 percentage points to 87.0% as refineries finished maintenance.FUEL DEMAND
According to GasBuddy demand data driven by its Pay with GasBuddy™ fuel card, U.S. retail gasoline demand saw a drop of 2.6% for the week ending November 25 (Sun-Sat). Broken down by PADD region, demand fell 4.4% in PADD 1, fell 0.4% in PADD 2, fell 3.2% in PADD 3, fell 7.4% in PADD 4, and fell 2.6% in PADD 5. GasBuddy models U.S. gasoline demand at 8.304 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, $3.09, $2.89, and $3.29 rounding out the top five most common prices.
The median U.S. gas price is $3.04 per gallon, down 5 cents from last week and about 17 cents lower than the national average.
The top 10% of stations in the country average $4.68 per gallon, while the bottom 10% average $2.55 per gallon.
The states with the lowest average prices: Texas ($2.66), Mississippi ($2.71), and Oklahoma ($2.73).
The states with the highest average prices: California ($4.86), Hawaii ($4.67), and Washington ($4.33).DIESEL PRICE TRENDS
The most common U.S. diesel price stood at $3.99 per gallon, unchanged from last week, followed by $4.29, $4.19, $4.39, and $4.09 rounding out the top five most common prices.
The median U.S. diesel price is $4.09 per gallon, down 9 cents from last week and about 12 cents lower than the national average for diesel.
Diesel prices at the top 10% of stations in the country average $5.39 per gallon, while the bottom 10% average $3.51 per gallon.
The states with the lowest average diesel prices: Texas ($3.63), Mississippi ($3.73), and Louisiana ($3.79).
The states with the highest average diesel prices: California ($5.83), Hawaii ($5.66), and Washington ($5.17). GasBuddy
