CASPER, Wyo. — Natrona County’s average price for a gallon of gasoline has hit $3 after falling 14 cents last week. Meanwhile, the national average fell 5 cents to $3.45 per gallon.
It’s the sixth consecutive week that the national average price has fallen, according to GasBuddy data compiled from more than 11 million individual price reports. The national average is down 36.3 cents from a month ago and is down 27.4 cents from a year ago.
The national average price of diesel has fallen 3.4 cents in the last week to stands at $4.43 per gallon — 86 cents lower than one year ago.
Despite the price drops and overall lower prices this year compared to last, a recent GasBuddy survey found that 78% of Americans feel like they’re spending more money on gas this year compared to last.
Key findings of the survey include:
- 83% said gasoline is a necessity for everyday life
- Most people (29%) buy gasoline two times per week
- 94% agreed that gas is currently priced too high
- 76% said gas is frustrating to budget for
- 57% typically pay with a credit card
- 92% said they regularly shop around for the best gas prices
- Groceries and gas are the top two categories where people are looking for discounts
- Most people (33%) would prefer a free tank of gas over having dinner paid for
“Average gasoline prices have fallen for a sixth straight week in nearly every state, with the national average now at its lowest level since March,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “The West Coast has been home to some of the largest declines, with California seeing an impressive 80-cent drop in the last four weeks, dispelling the myth that prices don’t fall as fast as they go up. In this case, they have gone down extremely quickly, a trend that will see Arizona fall back below $4 this week. Nevada could join the sub-$4 club by Thanksgiving, and some stations in California will soon see a three-handle price return.
“For now, I believe we could see a further 10–20 cent drop in the national average in the weeks ahead, but any jolt in the delicate Middle East still holds the potential to disrupt the drop we’re seeing.”
Today, AAA reported the national average price for a gallon of regular gasoline at $3.49 per gallon, down 5 cents from last week. Wyoming’s average is $3.56, down 9 cents from a week ago. Natrona County’s average of $3 is the cheapest in the state by 20 cents, according to AAA.
The cheapest fuel in Natrona County on Monday was $2.87 at USA Gasoline, 1500 S. Poplar St., followed by $2.89 at Ridley’s Family Market, 300 SE Wyoming Blvd., according to GasBuddy’s report.
Also included in GasBuddy’s report on Monday:
Oil markets have struggled to hold onto any momentum in recent weeks, even with a jump in futures last Friday, the week saw a decline in oil prices. However, with the weekend comes a rise in tensions again in the Middle East, but oil prices were seen down again Monday morning. In early trade, a barrel of West Texas Intermediate crude oil was down $1.61 per barrel to $83.93, down from last Monday’s $87.91 per barrel start. Brent crude oil was also trading in the red, down $1.44 per barrel to $89.04, slipping under the $90 level, and also down from last Monday’s $92.06 per barrel fetch. Oil has continued to struggle even as U.S. oil inventories remain well below the seasonal average, but with significant backwardation, as storing oil is quite costly.
OIL AND REFINED PRODUCTS
Last week’s report from the Energy Information Administration showed a surprise build in crude oil inventories, which rose 1.4 million barrels, while the SPR was unchanged at 351.3 million barrels. Domestic crude oil production was yet unchanged at 13.2 million barrels, 1.2 million barrels higher than a year ago, while gasoline inventories inched up by 200,000 barrels, and stand nearly 8% higher than a year ago. Distillate inventories fell 1.7 million barrels but remain 12% below the seasonal average for this time of year. Implied gasoline demand, EIA’s proxy for retail demand, fell 80,000 barrels per day to 8.86 million, well above GasBuddy’s estimate of 8.7 million barrels. Refinery utilization fell 0.5 percentage points to 85.6% as refinery maintenance season continues to get closer to wrapping up.
According to GasBuddy demand data driven by its Pay with GasBuddy™ fuel card, U.S. retail gasoline demand saw a decrease of 1.0% for the week ending October 28 (Sun-Sat). Broken down by PADD region, demand fell 0.6% in PADD 1, fell 0.1% in PADD 2, fell 2.6% in PADD 3, fell 1.2% in PADD 4, and fell 0.7% in PADD 5. GasBuddy models U.S. gasoline demand at 8.64 million barrels per day.
GAS PRICE TRENDS
The most common U.S. gas price encountered by motorists stood at $3.19 per gallon, down 10 cents from last week, followed by $3.29, $3.09, $2.99, and $3.39 rounding out the top five most common prices.
The median U.S. gas price is $3.25 per gallon, down 4 cents from last week and about 19 cents lower than the national average.
The top 10% of stations in the country average $5.09 per gallon, while the bottom 10% average $2.80 per gallon.
The states with the lowest average prices: Georgia ($2.93), Texas ($2.94), and Mississippi ($2.94).
The states with the highest average prices: California ($5.26), Hawaii ($4.70), and Washington ($4.66).
DIESEL PRICE TRENDS
The most common U.S. diesel price stood at $4.29 per gallon, unchanged from last week, followed by $4.19, $4.39, $4.59, and $3.99 rounding out the top five most common prices.
The median U.S. diesel price is $4.26 per gallon, down 6 cents from last week and about 17 cents lower than the national average for diesel.
Diesel prices at the top 10% of stations in the country average $5.64 per gallon, while the bottom 10% average $3.80 per gallon.
The states with the lowest average diesel prices: Texas ($3.94), Mississippi ($3.96), and Georgia ($4.02).
The states with the highest average diesel prices: California ($6.11), Hawaii ($5.68), and Washington ($5.43).GasBuddy