GILLETTE, Wyo. — Although Campbell County drivers saw the county’s average price for a gallon of regular gasoline fall, it did so at a fraction of the national average’s decline.
The national average fell for the 12th consecutive week, this time down 9 cents, bringing it to $3.12 per gallon Sunday, according to GasBuddy data. The national average is down 23.7 cents from a month ago and down 10.1 cents from a year ago.
The national average price of diesel has fallen 8.4 cents in the last week to stand at $4.10 per gallon — 86 cents lower than one year ago.
“For the 12th straight week, or three straight months, the national average has continued to decline, now at its lowest level of 2023 heading into the prime of the holiday season as oil prices continue to struggle amidst cooling demand,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
“With nearly 80,000 gas stations in the U.S. now priced below $3 per gallon, and 23 states also seeing average prices of $2.99 or less, motorists are getting substantial relief at the pump in time for the holidays. The trend is likely to continue in most states this week, while the national average could soon fall below $3.05 per gallon, the lowest since 2021. The good news may continue into 2024, with GasBuddy’s annual Fuel Outlook being released in just a few weeks.”
Today, AAA reported the national average price for a gallon of regular gasoline at $3.15 per gallon, down 9 cents from last week. Wyoming’s average is $3.03, down 7 cents from a week ago. Campbell County’s average of $2.67 is the second cheapest in the state, falling 22 cents behind Natrona County’s $2.45, according to AAA.
The cheapest fuel reported in Campbell County on Monday was $2.59 at Maverik, 4301 S. Douglas Highway; Flying J, 1810 S. Douglas Highway; and Kum & Go, 719 Highway 14-16 N., according to GasBuddy’s report.
Also included in GasBuddy’s report:
OIL PRICES
Oil markets extended their weekly declines, with West Texas Intermediate (WTI) crude oil falling below $70 last week before rallying on Friday back above that level. Oil continues to struggle under the weight of a global economic slowdown seeing consumption decrease, while oil production has risen in the United States, Canada, and other non-OPEC producers. In addition, as the administration continues its SPR repurchase program, there has been some support, with the DOE repurchase program likely actively buying additional oil as the per barrel price remains well below the department’s $79 strike price. In early Monday morning trade, WTI crude oil was up 41 cents per barrel to $71.64, still nearly $2 per barrel lower than last Monday’s price. Brent crude oil was also modestly higher, rising 45 cents to $76.29 per barrel, down from last Monday’s $78.37 fetch.OIL AND REFINED PRODUCTS
Last week’s report from the Energy Information Administration showed a 4.6-million-barrel decline in U.S. oil inventories, but they remain over 31 million barrels higher than a year ago. The SPR also saw a 300,000-barrel increase, while domestic oil production fell 100,000 barrels to 13.1 million barrels per day. Gasoline inventories surged 5.4 million barrels to a level 2% higher than last year but lagging slightly behind the five-year average for this time of year. Distillate inventories also perked up, rising 1.3 million barrels, but stand nearly 7 million barrels lower than a year ago. Implied gasoline demand, a proxy for retail consumption, rose 260,000 bpd to 8.47 million barrels, just below GasBuddy’s estimates of 8.48 million barrels per day of consumption. Refinery utilization rose 0.7 percentage points to 90.5% as refinery maintenance is now mostly concluded, while total U.S. inventories stand up about 4.3% compared to last year, excluding the SPR.FUEL DEMAND
According to GasBuddy demand data driven by its Pay with GasBuddy™ fuel card, U.S. retail gasoline demand saw a drop of 1.6% for the week ending December 9 (Sun-Sat). Broken down by PADD region, demand fell 0.6% in PADD 1, fell 2.9% in PADD 2, rose 1.0% in PADD 3, fell 7.4% in PADD 4, and fell 1.4% in PADD 5. GasBuddy models U.S. gasoline demand at 8.350 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 $2.89, $3.09, $2.79, and $3.19 rounding out the top five most common prices.
The median U.S. gas price is $2.99 per gallon, down 8 cents from last week and about 12 cents lower than the national average.
The top 10% of stations in the country average $4.52 per gallon, while the bottom 10% average $2.45 per gallon.
The states with the lowest average prices: Oklahoma ($2.55), Texas ($2.58), and Mississippi ($2.63).
The states with the highest average prices: California ($4.69), Hawaii ($4.66), and Washington ($4.25).DIESEL PRICE TRENDS
The most common U.S. diesel price stood at $3.99 per gallon, unchanged from last week, followed by $4.09, $3.89, $4.19, and $3.79 rounding out the top five most common prices.
The median U.S. diesel price is $3.99 per gallon, down 8 cents from last week and about 11 cents lower than the national average for diesel.
Diesel prices at the top 10% of stations in the country average $5.26 per gallon, while the bottom 10% average $3.32 per gallon.
The states with the lowest average diesel prices: Texas ($3.49), Louisiana ($3.66), and Mississippi ($3.66).
The states with the highest average diesel prices: Hawaii ($5.71), California ($5.61), and Washington ($5.08). GasBuddy
