CASPER, Wyo. — The U.S. average gas price fell 8.8 cents since last week in the second straight week of decline, GasBuddy reported Monday.
The data app calculated that the average gas price nationally is $4.88 per gallon, which is still 28.3 cents above the price a month ago and $1.79 per gallon above the price a year ago.
The national average price of diesel fell 2.7 cents in the last week to $5.79 per gallon.
“With Independence Day a week away, gas prices have continued to fall for the second straight week as the price of oil has faltered, ushering in the drop we’re seeing,” Patrick De Haan, head of petroleum analysis at GasBuddy, said in the report.
De Haan said there may be a third straight week of decline.
“While prices will be at their highest July 4th level ever, they’ll have fallen close to 20 cents since our peak in early June,” he said. “Motorists should be wary that while the decline could continue for the week ahead, any sudden jolts to supply could quickly cause a turnaround, and risk remains that when the peak of hurricane season arrives, we could see a super spike at the pump.”
In early Monday trade, oil prices had mixed responses to word that the Biden Administration and G7 countries are preparing to launch a price cap on Russian oil. West Texas Intermediate crude oil barrel prices increased 17 cents to $107.79 per barrel at the time GasBuddy published its report. That’s more than $1 less per barrel compared with last Monday’s open. Brent crude increased 33 cents to $113.45 per barrel, 47 cents higher than last Monday’s open. According to Baker Hughes, there were 13 more U.S. rigs last week, up to 753, which is 283 rigs more than a year ago, and Canada’s rig count decreased two to 154, although that value is still 28 more than a year ago.
The U.S. Energy Information Administration did not make a report last week because of technical difficulties, the GasBuddy report said.
“But highlighting current conditions, as of the last report, U.S. crude oil inventories were 10% below a year ago and 14% below the five-year average for this time of year,” the report said.
The Strategic Petroleum Reserve is 18% below where it was a year ago as Biden’s plan to release oil into the global market continues.
Gas inventories are about 10.5% less than a year ago. They’re 11% below the five-year average, seasonally adjusted.
Distillate inventories are down nearly 20% from year-ago levels and 23% below the five-year average, seasonally adjusted.
Refinery use rates are high as crack spreads, the price difference between a barrel of crude oil and the petroleum products refined from it, remain high.
GasBuddy demand data from the Pay with GasBuddy card shows U.S. retail gas demand rose 1.6% nationally last week, but demand fell 0.1% in Petroleum Administration for Defense District 4, which Wyoming is part of.
Gas demand rose most, by 2.1%, in PADD 2, the Midwest. The East Coast and the Gulf Coast each had 2.0% increases. Demand fell 0.5% in PADD 5, which includes the West Coast, Alaska and Hawaii.
Nationally, the most common gas price was $4.59 per gallon, down 40 cents from last week. The other prices in the top five most common prices were $4.69, $4.99, $4.89, and $4.79.
The median U.S. price is $4.77 per gallon, which is an 8-cent reduction from last week.
The top tenth of U.S. gas stations have an average price of $6.09 per gallon. The bottom tenth have an average price of $4.27 per gallon.
Georgia, South Carolina and Mississippi have the lowest average gas prices, around $4.38. California tops the nation with $6.30 per-gallon average prices. Alaska ($5.58) and Nevada ($5.56) have the second- and third-highest average prices.
As of 8:07 p.m. Monday, the most recent cheapest price reported for gas at a Natrona County gas station was $4.49 per gallon. That price was reported at about 2 p.m. Monday at the Sam’s Club at 4600 E. 2nd St. in Casper. The next cheapest, $4.51 per gallon, was reported at around 7:15 p.m. Monday at the Kum & Go at 3 N. Curtis St. in Evansville.
The lowest midgrade price, $4.71, was reported Monday afternoon at two gas stations in Mills: Loaf ‘N Jug, 4603 W. Yellowstone Highway, and Exxon & Common Cents, 3601 W. Yellowstone Highway.