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Campbell County gas prices down 1 cent as national falls 10

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GILLETTE, Wyo. — While drivers across the nation saw average gas prices drop a dime, Campbell County gas prices went down just 1 cent.

The nation’s average price of gasoline fell to $3.40 per gallon Monday, according to GasBuddy data. The national average is down 23 cents from a month ago and down 18.2 cents from a year ago.

The national average price of diesel has fallen 6.7 cents in the last week to stand at $3.75 per gallon — 14 cents lower than one year ago, GasBuddy reported.

“We’ve seen one of the larger weekly drops in the national average price of gasoline in some time, and what incredible timing that it comes at the beginning of the summer driving season,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Not only have gasoline prices plummeted in nearly every state in the last week, but nearly every state has also seen prices drop compared to a month ago.

“With the declines, Americans will spend roughly $425 million less per week on gasoline than a year ago. In addition, the price of diesel has fallen alongside gasoline to its lowest level since Russia’s invasion of Ukraine in early 2022.”

De Haan said the price decline is ramping up, and he expects more declines ahead of the Fourth of July holiday.

“Six states now have average prices below $3 per gallon, and more will join soon, with the number of U.S. stations at $2.99 or lower already nearing 25,000. It’s a great start to summer for those hitting the road,” he said.

On Monday, AAA reported the national average price for a gallon of regular gasoline at $3.44 per gallon, down 9 cents from a week ago. Wyoming’s average is $3.30, down 3 cents from last week. Campbell County’s average of $3.24 is down 1 penny and is the state’s sixth cheapest average, according to AAA. The cheapest is Natrona County’s average of $3.01, down 8 cents from last week. That’s followed by $3.09 in Weston County and $3.12 in Goshen County.

(AAA graphic)

The cheapest fuel in Campbell County on Monday was $3.19 at Kum & Go, 719 Highway 14-16 N, and Maverik, 111 Garner Lake Road and 4301 S. Douglas Highway, according to GasBuddy’s report.

Also included in GasBuddy’s report Monday:

OIL PRICES
After a sluggish start to last week on the heels of OPEC+’s meeting, oil has seen somewhat of a rally on hopes of rising fuel demand after the U.S. jobs report last week showed more jobs added than anticipated. In addition, several large banks have raised the prospect of higher crude oil prices going into late summer, helping oil to turn around its early week losses last week. At press time, a barrel of WTI crude was up 90 cents to $76.43 per barrel, still a slight drop from last Monday’s $77.04 per barrel start. Meanwhile, Brent crude was up 85 cents to $80.47 but still trading lower than last Monday’s $81.18 per barrel fetch. However, with an increase in oil inventories in OECD countries, oil prices could find a rally difficult.

OIL AND REFINED PRODUCTS
Last week’s report from the EIA showed a rise across the board in oil, gasoline, and distillate inventories. Oil inventories rose 1.2 million barrels while remaining about 4% below the five-year average, while the SPR rose another 900,000 barrels. Domestic crude production remains unchanged at 13.1 million barrels per day. Gasoline inventories rose by 2.1 million barrels and are nearly 6% above year-ago levels, while distillate inventories jumped 3.2 million barrels and are now almost 11 million barrels ahead of last year. Implied gasoline demand, EIA’s metric for consumption, fell 203,000 bpd to 8.95 million barrels per day. Refinery utilization also jumped to its highest level in months, climbing to 95.4% of capacity.

FUEL DEMAND
According to GasBuddy demand data driven by its Pay with GasBuddy™ fuel card, U.S. retail gasoline demand saw a rise of 2.7% for the week ending June 8 (Sun-Sat). Broken down by PADD region, demand rose 2.5% in PADD 1, rose 2.5% in PADD 2, rose 5.0% in PADD 3, rose 3.2% in PADD 4, and rose 0.9% in PADD 5. GasBuddy models U.S. gasoline demand at 8.884 million barrels per day for the week ending June 8.

GAS PRICE TRENDS
The most common U.S. gas price encountered by motorists stood at $3.29 per gallon, down 10 cents from last week, followed by $3.19, $3.39, $2.99, and $3.09 rounding out the top five most common prices.

The median U.S. gas price is $3.28 per gallon, down 11 cents from last week and about 12 cents lower than the national average.

The top 10% of stations in the country average $4.68 per gallon, while the bottom 10% average $2.79 per gallon.

The states with the lowest average prices: Oklahoma ($2.88), Texas ($2.91), Mississippi ($2.91).

The states with the highest average prices: California ($4.86), Hawaii ($4.68), and Washington ($4.34).

DIESEL PRICE TRENDS

The most common U.S. diesel price stood at $3.69 per gallon, down 10 cents from last week, followed by $3.99, $3.59, $3.49, and $3.79 rounding out the top five most common prices.

The median U.S. diesel price is $3.65 per gallon, down 4 cents 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 $4.77 per gallon, while the bottom 10% average $3.11 per gallon.

The states with the lowest average diesel prices: Oklahoma ($3.24), Texas ($3.28), and Missouri ($3.41).

The states with the highest average diesel prices: Hawaii ($5.46), California ($5.08), and Washington ($4.47).

GasBuddy

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