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Nation, Laramie County see gas prices rise

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CHEYENNE, Wyo. — With Memorial Day, the unofficial start to summer, came a 2.7-cent rise in the national average gas price, GasBuddy reported today.

That price is now $3.55 per gallon, GasBuddy data from more than 11 million individual price reports covering over 150,000 gas stations across the country indicated. However, the national average price of diesel fell 4.9 cents in the last week to $3.91 per gallon.

“Gasoline prices have drifted higher in the last week due to some relatively minor refinery kinks and low gasoline supply, but it may not be a trend that lasts too much longer,” GasBuddy Head of Petroleum Analysis Patrick De Haan said. “As we unofficially start the summer driving season, the national average is likely to spend much of the summer in the range of $3.35–$3.85 per gallon, though it could go higher if unexpected refinery outages flare up, or we see a major hurricane or economic development.

“While gasoline prices have inched up slightly, we’re still faring much better than we did last year, when the national average started to soar after Memorial Day on its way up to the $5 per gallon mark. In addition, gas prices may temporarily rally if a debt ceiling deal passes through Congress in the weeks ahead, based on the optimism that such a deal could avert a major recession, keeping oil demand stronger this summer.”

AAA reported today that the national average price for a gallon of regular gasoline is $3.58 per gallon, up 4 cents from a week ago. Wyoming’s average is $3.47, up from $3.41. Laramie County’s price rose to $3.22 from $3.18.

(AAA)

The cheapest gas price in Laramie County — $3.09 — as of 1:41 p.m. May 30 was at Pilot, 8020 Campstool Road, Cheyenne; Walmart, 580 Livingston Ave., Cheyenne; Sapp Bros., 12500 I-80 Service Road, Cheyenne; and Sam’s Club, 1948 Dell Range Blvd., Cheyenne, according to GasBuddy.

Also included in GasBuddy’s report Tuesday:

OIL PRICES

With a deal to increase the Fed’s debt ceiling agreed on, much still needs to happen before it is passed. Some House members have promised to make passage more challenging, with both sides digging into what might prove to be a difficult feat. Oil markets are cautiously optimistic, but ultimately, any rally in oil may wait until after a bill is passed to raise the debt limit. In addition, OPEC’s upcoming June meeting may bring with it some saber-rattling, but markets are largely not expecting OPEC+ to further cut production after Russian Deputy Prime Minister Alexander Novak threw cold water on the notion of additional cuts. Oil inventories remain on the tight side, but with global demand down, and a Covid bounce in China all but off the table, there are limited catalysts for oil markets. In early trade, a barrel of WTI was last down 75 cents to $71.92 per barrel, roughly 50 cents above last week’s $71.45 per barrel start. Brent crude was also trading in the red, down $1.09 to $75.98 per barrel, also a roughly 50-cent rise from last week’s $75.50 start.

OIL AND REFINED PRODUCTS

Last week’s report from the Energy Information Administration showed a significant 12.5-million-barrel decline in crude oil inventories, which are now 3% below the five-year average for this time of year. The SPR fell by 1.6 million barrels as the 2015-mandated sales continue, while domestic oil production inched back up to 12.3 million barrels per day. Gasoline inventories fell by 2.1 million barrels and stand 8% below the five-year average for this time of year, while distillate inventories fell by 600,000 barrels and are 18% below the five-year average range for this time of year. Implied gasoline demand, a proxy for retail demand, surged 529,000 barrels per day, but rather than actual demand rising, this signals stations filling their large underground tanks ahead of a major holiday weekend. Refinery utilization fell 0.3 percentage points to 91.7% as gasoline production rose to 10.3 million barrels per day.

FUEL DEMAND

According to GasBuddy demand data driven by its Pay with GasBuddy™ fuel card, U.S. retail gasoline demand saw a fall of 1.3% last week (Sun-Sat). Broken down by PADD region, demand fell 1.6% in PADD 1, fell 1.2% in PADD 2, fell 2.5% in PADD 3, fell 2.0% in PADD 4, and rose 0.4% in PADD 5.

GAS PRICE TRENDS

The most common U.S. gas price encountered by motorists stood at $3.39 per gallon, unchanged from last week, followed by $3.49, $3.59, $3.29, and $3.19 rounding out the top five most common prices.
The median U.S. gas price is $3.41 per gallon, up 2 cents from last week and about 14 cents lower than the national average.
The top 10% of stations in the country average $4.73 per gallon, while the bottom 10% average $2.97 per gallon.
The states with the lowest average prices: Mississippi ($2.96), Louisiana ($3.09), and Texas ($3.09).
The states with the highest average prices: California ($4.77), Hawaii ($4.75), and Washington ($4.61).

DIESEL PRICE TRENDS

The most common U.S. diesel price stood at $3.99 per gallon, unchanged from last week, followed by $3.79, $3.89, $3.69, and $3.59 rounding out the top five most common prices.
The median U.S. diesel price is $3.79 per gallon, down 6 cents from last week and about 12 cents lower than the national average for diesel.
Diesel prices at the top 10% of stations in the country average $4.98 per gallon, while the bottom 10% average $3.17 per gallon.
The states with the lowest average diesel prices: Texas ($3.31), Louisiana ($3.47), and Oklahoma ($3.53).


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