Gasoline prices fall nationwide and locally as Labor Day approaches

CASPER, Wyoming – While the average price per gallon of gasoline nationwide fell for the fourth week in a row, the price in Natrona County also fell for the first time in nearly a month.

According to GasBuddy data, the national average price fell 6.2 cents last week to $3.30 a gallon on Monday.

The national average is down 20.7 cents month-on-month and is 49.2 cents per gallon below last year.

The national average price of diesel fell 3.2 cents last week to $3.67 per gallon, the lowest since early 2022.

“It seems fitting that the national average has fallen for four weeks in a row to its lowest level since February in the lead-up to Labor Day, giving Americans one last chance to hit the road without gas prices being a factor,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “GasBuddy is currently tracking eight states where average gas prices are already below the $3 per gallon mark, and nearly 20% of gas stations nationwide are selling gas for $2.99 ​​or less. Those numbers will look better week by week as we move into fall.

“GasBuddy's Labor Day travel forecast released tomorrow will provide more good news about how many millions of dollars Americans will save compared to last year by taking a road trip.”

On Monday, AAA reported that the national average price for a gallon of regular gasoline is $3.35 per gallon, down 6 cents from a week ago. Wyoming's average is $3.36, down 2 cents from last week. Natrona County is again the cheapest in the state, averaging $3.03, down 10 cents from last week, AAA said. It is followed by Goshen County at $3.12 and Albany County at $3.17.

The cheapest fuel in Natrona County on Monday was $2.97 at Sinclair, 3476 E. 2nd St., 1232 E. 12th St. and 902 E. 2nd St., according to GasBuddy reports.

Also included in Monday's GasBuddy report:

Oil markets
After a lackluster week of trading, oil started the new week with a bang. Tensions in the Middle East and the Fed's rate cuts contributed to higher oil prices. In early Monday trading, the price of a barrel of WTI crude was last up $1.91 at $76.74 a barrel, compared to $76.40 last Monday. Brent crude also traded higher, rising $2.02 a barrel to $81.04 in early trading, compared to $79.38 last Monday. Expectations that the Fed will begin cutting interest rates in September are giving market participants reason to be optimistic that global oil demand could rise as borrowing costs fall, spurring economic growth. In addition, the escalating conflict between Israel and Hezbollah over the weekend increased the risk that the violence could escalate into a larger regional war. In addition, crude oil crossed above the 200-day moving average last Friday, a bullish indicator that could push oil prices even higher.

OIL AND REFINED PRODUCTS
Last week's EIA report showed a fairly sharp drop in oil inventories of 4.6 million barrels, which are now 5% below the five-year average for this time of year, while the SPR rose by 600,000 barrels. Gasoline inventories fell by about 1.6 million barrels, while distillates reportedly fell by 3.3 million barrels. Refinery utilization rose by about 0.8 percentage points to 92.3%, while implied gasoline demand, used by the EIA as a proxy for retail demand, rose by 147,000 barrels to 9.19 million barrels per day. Total U.S. oil inventories are now 18.5 million barrels higher than a year ago.

FUEL DEMAND
According to GasBuddy demand data collected by the Pay with GasBuddy™ fuel card, U.S. retail gasoline demand increased 1.9% for the week ending August 24 (Sun.-Sat.). Broken down by PADD region, demand increased 2.1% in PADD 1, 1.8% in PADD 2, 1.8% in PADD 3, 0.1% in PADD 4 and 3.7% in PADD 5. GasBuddy calculates U.S. gasoline demand at 9.15 million barrels per day.

Gas price development
The most common gasoline price displayed to drivers in the United States was $3.19 per gallon, down 10 cents from last week. The top five prices were $3.29, $2.99, $3.09 and $3.39.

The average price of gasoline in the U.S. is $3.21 per gallon, down 7 cents from last week and about 9 cents less than the national average.

The top 10% of gas stations in the country charge an average of $4.39 per gallon, while the bottom 10% charge an average of $2.74 per gallon.

The states with the lowest average prices: Oklahoma ($2.79), Mississippi ($2.85), Texas ($2.87).

The states with the highest average prices: Hawaii ($4.55), California ($4.53) and Washington ($4.13).

Biggest weekly changes: Ohio (-15.5 °C), Illinois (-12.3 °C), South Carolina (-12.3 °C), Oklahoma (-12.1 °C), New Mexico (-11.1 °C)

DIESEL PRICE DEVELOPMENT
The most frequently quoted diesel price in the US was $3.69 per gallon, unchanged from the previous week. The top five most frequently quoted prices were $3.39, $3.59, $3.49 and $3.79.

The average diesel price in the U.S. is $3.59 per gallon, down 3 cents from last week and about 8 cents less than the national average for diesel.

At the top 10% of gas stations in the country, diesel prices average $4.52 per gallon, while at the bottom 10%, they average $2.99 ​​per gallon.

The states with the lowest average diesel prices: Texas ($3.15), Oklahoma ($3.15) and Mississippi ($3.35).

The states with the highest average diesel prices: Hawaii ($5.35), California ($4.84) ​​and Washington ($4.40).

Biggest weekly changes: Utah (-6.7 °C), Delaware (-6.4 °C), Tennessee (-6.3 °C), Oklahoma (-6.2 °C), Alabama (-6.1 °C).

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