CASPER, Wyo. — The U.S. national average gas price has declined for the third straight week, dropping 10.4 cents last week to $4.78 per gallon Tuesday, GasBuddy reported.
This is down 7.1 cents from last month, yet is still $1.66 per gallon more than a year ago, GasBuddy’s report said. The national average price of diesel has decreased 6.3 cents in the last week to $5.72 per gallon.
In Natrona County, the lowest gas price, last reported via GasBuddy when Oil City checked at 4:17 p.m. Wednesday, was $4.53 per gallon at the Loaf ‘N Jug at 59 S. Curtis St., Evansville. That price was reported at about 9:15 p.m. Tuesday. Oil City saw at 4:21 p.m. Wednesday that the latest and lowest reported midgrade price per gallon was $4.71 per gallon at two Loaf ‘N Jug stations in Casper: 1199 S. Beverly St. and 1900 E. Second St.
On June 27, the cheapest gas prices in Natrona County were reportedly around $4.50 per gallon for regular and $4.71 for midgrade.
“As expected, and for the third straight week, average gasoline prices have fallen to their lowest level in over a month,” GasBuddy Head of Petroleum Analysis Patrick De Haan said in the report. “The price of wholesale gasoline has plummeted, providing price relief as millions of Americans hit the road for the holiday weekend.”
De Haan said that prices could decline this week, but the drop could fade should oil prices reverse, especially with strong demand over the holiday. Nevertheless, for now, Americans are spending nearly $100 million less per day on gas compared with peak prices a few weeks ago.
“That’s well-needed relief at a time when gas prices remain near records,” he said.
U.S. retail gas demand rose from June 26 through July 2, Pay with GasBuddy card data showed.
Nationally, weekly gas demand increased 2.1% from the prior week. Demand rose 2.2% in Petroleum Administration for Defense District 4, which Wyoming is a part of.
The largest increase in demand, 4.6%, was on the West Coast. The smallest increase was 1.3%, in the Gulf Coast states.
The most common U.S. gas price was $4.49 per gallon, a 10-cent drop from last week. Other common prices were $4.59, $4.69, $4.39 and $4.79. The median U.S. price is $4.66 per gallon, down 11 cents from last week.
California continues to have the highest prices at around $6.21 per gallon. Hawaii and Alaska, the next highest, had prices around $5.55 per gallon.
The highest 10% of stations in the U.S. average $6.03 per gallon, nearly two dollars more than the bottom 10%, which charge an average of $4.13 per gallon.
South Carolina, Georgia and Mississippi have the lowest average prices at around $4.28 per gallon.
Oil prices are down in trading sessions, GasBuddy’s report said.
“Underlying concerns about a global economic slowdown have chiseled away at the price of oil in recent trading sessions, with a barrel of West Texas Intermediate crude oil down 17 cents per barrel to $108.26 in early trade, less than 50 cents higher than last Monday’s open, when WTI stood at $107.79,” the report said.
Brent crude oil decreased from $113.45 on June 27 to $111.86 early Tuesday. The U.S. dollar’s strength early Tuesday could also be pushing oil down since it causes prices to rise outside the U.S., the report said. Oil is globally traded in U.S. dollars.
U.S. rig counts decreased to 750, which is 275 rigs more than last year. In Canada, rigs increased to 166, which is 30 more than a year ago.
The Energy Information Administration’s weekly report showed a mild decline in oil inventories despite increases in the past two weeks.
Oil inventories fell 2.8 million barrels. The Strategic Petroleum Reserve decreased 7 million barrels, but U.S. domestic oil production rose to 12.1 million barrels, the highest since the COVID-19 pandemic started.
Gas inventories increased 2.6 million barrels, 8% below the five-year average, seasonally adjusted. Distillate inventories increased 2.6 million barrels as well, but are 18% less than a year ago and 20% less than the five-year average, seasonally adjusted.
