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Campbell County gas prices fall twice the national average

An oil drilling rig in the oilfields of Wyoming. (Jim Parkin/ Shutterstock)

GILLETTE, Wyo. — While the national average price for a gallon of regular gasoline fell 5.3 cents over the past week, drivers in Campbell County saw twice the price cut.

GasBuddy data show the national price fell 5.3 cents in the past week to an average $3.07 per gallon today. That’s down 12.9 cents from a month ago and 39.8 cents from a year ago.

The national average price of diesel has declined 2.6 cents in the last week to stand at $3.54 per gallon — the lowest level in over 1,100 days, GasBuddy says.

“The national average price of gasoline has continued its decline over the last week, as expected, as oil prices have sunk due to Israel avoiding attacks on Iran’s oil infrastructure, and seasonal decreases in demand are pushing gasoline lower, as is normal for this time of year. In addition to gasoline prices falling to their lowest level since January, the average price of diesel has now fallen to its lowest level in over three years,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

“While many Americans may incorrectly credit the upcoming election for the declines, politicians have little influence over the strong seasonal forces that drive prices lower in autumn. With winter gasoline soon to reach the rest of California, and demand continuing to decline as Americans grapple with colder weather, the drop in demand is pushing gas prices down — not politicians on either side, as much as they might like to think they do,” he added. “I expect the decline in gas prices will continue into and even beyond the upcoming election.”

On Monday, AAA reported the national average price for a gallon of regular gasoline at $3.13 per gallon, down 4 cents from last week. Wyoming’s average is $3.18, down 3 cents from last week. Campbell County’s average, down 10 cents from last week, is $3.09 today, putting among the state’s cheapest averages, AAA reports.

Natrona County’s average of $2.89, down 3 cents, remains the cheapest in the state by 10 cents, according to AAA. Goshen County has the second cheapest average at $2.99, the same as a week ago, followed by Sweetwater County at $3.04 per gallon.

(AAA graphic)

On Monday, the cheapest fuel in Gillette was $3.03 at Flying J, 1810 S. Douglas Highway, and at Maverik, 111 Garner Lake Road, 310 Skyline Drive and 4301 S. Douglas Highway, according to GasBuddy reports.

Also included in GasBuddy’s report:

OIL PRICES
With Israel signaling its attacks on Iran were over and Iran suggesting it would not respond, oil prices were plummeting in overnight Sunday trading with risk over escalations now in decline. In very early Monday trade, a barrel of WTI crude oil was down $3.14 per barrel to $68.64, down from last Monday’s $69.69 per barrel level. Brent crude oil also saw losses in early trade, shedding $3.18 per barrel to $72.87, down from last week’s $73.45 per barrel fetch. With China’s economy still disappointing and falling risk calculus in the Middle East, oil’s struggles may continue into the week ahead. A large 5.5 million barrel rise in U.S. crude oil inventories certainly isn’t helping inspire much buying, either.

OIL AND REFINED PRODUCTS
Last week’s report from the EIA showed a sizable 5.5 million barrel rise in U.S. oil inventories while the SPR rose 800,000 barrels to 384.6 million barrels, nearly 10% higher than a year ago. Refinery utilization rose almost 2 percentage points to 89.5% as oil inputs to refiners rose above 16 million barrels per day. Domestic crude oil production was estimated at 13.5 million barrels — the highest level recorded. Gasoline inventories inched higher, rising 900,000 barrels, while distillate inventories fell 1.1 million barrels. Implied gasoline demand, EIA’s proxy for retail consumption, rose 218,000bpd to 8.84 million per day.

FUEL DEMAND
According to GasBuddy demand data driven by its Pay with GasBuddy™ fuel card, U.S. retail gasoline demand saw a jump of 7.2% for the week ending October 26 (Sun-Sat). Broken down by PADD region, demand rose 9.6% in PADD 1, rose 5.8% in PADD 2, rose 7.5% in PADD 3, rose 1.9% in PADD 4, and rose 7.3% in PADD 5. GasBuddy models U.S. gasoline demand at 8.41 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, $3.19, $3.09, and $2.79 rounding out the top five most common prices.

The median U.S. gas price is $2.99 per gallon, down 1 cent from last week and about 8 cents lower than the national average.

The top 10% of stations in the country average $4.41 per gallon, while the bottom 10% average $2.51 per gallon.

The states with the lowest average prices: Texas ($2.60), Mississippi ($2.65), Louisiana ($2.69).

The states with the highest average prices: California ($4.53), Hawaii ($4.53), and Washington ($4.01).

Biggest weekly changes: Michigan (-15.3¢), Ohio (-14.4¢), Indiana (-12.9¢), South Carolina (-11.7¢), Texas (-11.6¢)

DIESEL PRICE TRENDS
The most common U.S. diesel price stood at $3.49 per gallon, up 10 cents from last week, followed by $3.39, $3.59, $3.69, and $3.29 rounding out the top five most common prices.

The median U.S. diesel price is $3.49 per gallon, up 1 cent from last week and about 6 cents lower than the national average for diesel.

Diesel prices at the top 10% of stations in the country average $4.49 per gallon, while the bottom 10% average $2.90 per gallon.

The states with the lowest average diesel prices: Texas ($3.00), Oklahoma ($3.11), and Mississippi ($3.15).

The states with the highest average diesel prices: Hawaii ($5.31), California ($4.86), and Washington ($4.35).

Biggest weekly changes: Texas (-7.4¢), South Carolina (-6.7¢), Florida (+6.0¢), Oklahoma (-6.0¢), Arkansas (-5.4¢).

GasBuddy

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