GILLETTE, Wyo. — As the nation’s average price for a gallon of regular gasoline climbed 5 cents this past week, Campbell County’s average sat mostly still.
It’s the third straight week of increases nationally with the average rising to $3.45 per gallon Monday, according to GasBuddy data. The national average is down 6 cents from a month ago and 5.4 cents from a year ago.
The national average price of diesel has risen 1.4 cents in the last week to stand at $3.77 per gallon — 4 cents lower than one year ago.
“As we approach July 4 later this week, motorists have seen the national average price of gasoline inch up ever so slightly for the third straight week,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “While the increases have been fairly tame, with oil continuing to hold above $80 per barrel, we could continue to see the national average climb slightly. Other areas that see price cycling saw prices shoot up early in the week, but those areas are now starting to see prices fall back down.
“For many Americans hitting the road for the July 4 holiday, prices in most areas are very comparable to what we saw last July 4. However, with Hurricane Beryl now formed in the Caribbean, we’re reminded that gas prices could experience some jolts in the second half of the summer should a storm threaten refining capacity in Texas or Louisiana.”
On Monday, AAA reported the national average price for a gallon of regular gasoline at $3.49 per gallon, up 5 cents from a week ago. Wyoming’s average is $3.26, down 1 cent from last week. Campbell County’s average inched up 0.4 cents, but remained at $3.22 for the third straight week. It’s the state’s sixth cheapest average. The cheapest, $2.91, is found in Natrona County, according to AAA. That’s followed by $3 in Laramie County and $3.09 in Goshen County.
The cheapest fuel in Campbell County on Monday was $3.19 at nearly all gas stations in town, according to GasBuddy reports.
Also included in GasBuddy’s report Monday:
OIL PRICES
The price of crude oil has moved somewhat sideways in the last week, though posting a small weekly rise as fundamentals have continued to shift toward tighter global inventories. In early Monday trade, a barrel of WTI crude oil was up 57 cents to $82.11 per barrel, a rise from last week’s $80.93 per barrel, while Brent was up 66 cents to $85.66 per barrel, also over $1 gain from last Monday’s $85.46 per barrel start. Action in the Middle East has also led to bets on higher prices as tensions between Israel and Hezbollah continue to be in focus. In addition, JPMorgan is forecasting a global oil deficit of 1 million barrels per day in the third quarter, with drawdowns approaching 2 million barrels in August. With hurricane season becoming more active, there may be additional upward pressure on oil.OIL AND REFINED PRODUCTS
Last week’s report from the EIA showed a 3.6 million barrel rise in crude oil inventories, while the SPR rose 1.3 million barrels, and domestic crude oil production remained steady at 13.2 million barrels per day. Gasoline inventories rose by 2.7 million barrels, while distillates slipped by 400,000 barrels. Refinery utilization fell 1.3 percentage points to 92.2% as implied gasoline demand fell by 417,000 barrels to 8.97 million.FUEL DEMAND
According to GasBuddy demand data driven by its Pay with GasBuddy™ fuel card, U.S. retail gasoline demand saw a drop of 1.1% for the week ending June 29 (Sun-Sat). Broken down by PADD region, demand fell 2.0% in PADD 1, fell 1.5% in PADD 2, rose 0.5% in PADD 3, fell 1.2% in PADD 4, and fell 0.3% in PADD 5. GasBuddy models U.S. gasoline demand at 8.794 million barrels per day.GAS PRICE TRENDS
The most common U.S. gas price encountered by motorists stood at $3.29 per gallon, unchanged from last week, followed by $3.39, $3.19, $3.49, and $3.59 rounding out the top five most common prices.
The median U.S. gas price is $3.35 per gallon, up 6 cents from last week and about 10 cents lower than the national average.
The top 10% of stations in the country average $4.56 per gallon, while the bottom 10% average $2.91 per gallon.
The states with the lowest average prices: Mississippi ($2.90), Louisiana ($2.94), Oklahoma ($3.00).
The states with the highest average prices: California ($4.73), Hawaii ($4.65), and Washington ($4.26).DIESEL PRICE TRENDS
The most common U.S. diesel price stood at $3.69 per gallon, unchanged from last week, followed by $3.59, $3.79, $3.49, and $3.99 rounding out the top five most common prices.
The median U.S. diesel price is $3.68 per gallon, up 1 cent 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 $4.74 per gallon, while the bottom 10% average $3.20 per gallon.
The states with the lowest average diesel prices: Oklahoma ($3.35), Texas ($3.36), and South Dakota ($3.40).
The states with the highest average diesel prices: Hawaii ($5.45), California ($5.06), and Washington ($4.45). GasBuddy
