GILLETTE, Wyo. — With one week of increase and one week of decrease, the national average price for a gallon of regular gasoline remains the same as two weeks ago while local gas prices have continued to fall.
The nation’s average fell 0.8 cents from a week ago to $3.03 per gallon Sunday, according to GasBuddy data. The national average is down 7.8 cents from a month ago and 36 cents from a year ago.
The national average price of diesel has fallen 2.1 cents in the last week to stand at $3.87 per gallon — 73 cents lower than one year ago.
“We continue to see gasoline prices bouncing off lows, only to re-test them again and again. While prices jumped in some places, it’s being offset by drops elsewhere, and that has kept alive the possibility of briefly seeing the national average fall to the lowest level since 2021,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
“We remain just a nickel or so away from a $2.99 national average, and while the window of opportunity continues to slowly close, with refiners now starting the purge of winter gasoline on the West Coast, we still have a low-level chance of getting there.
“But make no mistake — if we do see a national average of $2.99 per gallon, it won’t last long as we start to turn the corner and get closer to the transition to summer gasoline.”
Today, AAA reported the national average price for a gallon of regular gasoline at $3.07 per gallon, the same as two weeks ago. Wyoming’s average is $2.68, down 9 cents from two weeks ago. Campbell County’s average of $2.39 is down 8 cents in that time, and is the second cheapest in the state, falling 26 cents higher than Natrona County’s at $2.13, according to AAA.
The cheapest fuel in Campbell County on Monday was $2.17 at M.G. Oil Co., 502 El Camino Road, and Good 2 Go, 1616 E. Highway 14-16.
Also included in GasBuddy’s report Monday:
OIL PRICES
The price of oil opened the week rising slightly, digesting both the continued disruption of vessels in the Red Sea, but also as Libya’s National Oil Corporation returned output at the Sharara oil field to full levels after being shut for two weeks. The field is a significant source of crude oil for Libya, churning out some 300,000 barrels per day. West Texas Intermediate crude oil was up 25 cents to $73.66 per barrel, a nearly $2 per barrel gain over last Monday’s $71.69 per barrel start. Brent crude oil was also trading higher, rising 7 cents to $78.63 in early trade, up from $77.30 a week ago. Oil traders have had plenty of conflicting data to process in recent weeks, including continued Houthi attacks in the Red Sea, adding weeks to ocean shipment transit times, but also sluggish economic data and warmer-than-average weather eroding consumption.OIL AND REFINED PRODUCTS
Last week’s report from the Energy Information Administration showed a 2.5 million barrel drop in U.S. commercial crude oil inventories, while Cushing inventories fell 2.1 million barrels. The SPR rose another 600,000 barrels as the Department of Energy also announced a new 3-million-barrel purchase for March delivery that will keep the SPR rising in the months ahead. Gasoline inventories jumped 3.1 million barrels and now stand nearly 8% above a year ago, while distillate inventories have seen significant recovery as of late and jumped 2.4 million barrels last week. Distillates now stand up 16% from a year ago and just 3% below the five-year average for this time of year. Implied gasoline demand for the week ending January 12 slipped to 8.27 million barrels per day, while fresh GasBuddy data pointed to additional struggles last week for gasoline demand.FUEL DEMAND
According to GasBuddy demand data driven by its Pay with GasBuddy™ fuel card, U.S. retail gasoline demand saw a decrease of 6.2% for the week ending January 21 (Sun-Sat), as winter weather and cold temps kept Americans closer to home. Broken down by PADD region, demand rose 0.1% in PADD 1, fell 5.3% in PADD 2, fell 20.1% in PADD 3, fell 6.0% in PADD 4, and fell 5.7% in PADD 5. GasBuddy models U.S. gasoline demand at 7.78 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 $2.69 rounding out the top five most common prices.
The median U.S. gas price is $2.93 per gallon, up 4 cents from last week and about 11 cents lower than the national average.
The top 10% of stations in the country average $4.21 per gallon, while the bottom 10% average $2.46 per gallon.
The states with the lowest average prices: Oklahoma ($2.52), Colorado ($2.57), and Kansas ($2.61).
The states with the highest average prices: Hawaii ($4.61), California ($4.42), and Washington ($3.87).DIESEL PRICE TRENDS
The most common U.S. diesel price stood at $3.89 per gallon, down 10 cents from last week, followed by $3.99, $3.79, $3.49, and $3.59 rounding out the top five most common prices.
The median U.S. diesel price is $3.79 per gallon, unchanged from last week and about 8 cents lower than the national average for diesel.
Diesel prices at the top 10% of stations in the country average $4.98 per gallon, while the bottom 10% average $3.26 per gallon.
The states with the lowest average diesel prices: Oklahoma ($3.39), Colorado ($3.45), and Texas ($3.47).
The states with the highest average diesel prices: Hawaii ($5.56), California ($5.26), and Washington ($4.71). GasBuddy
