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Laramie County average gas price up 2 cents as national price rises 4.4

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CHEYENNE, Wyo. — For the third week nationally and locally, prices at the gas pumps have risen.

Laramie County drivers saw their average price for a gallon of regular gasoline increase 2 cents this past week while the national average climbed 4.4 cents, according to GasBuddy data compiled from individual price reports.

The national average is up 18.7 cents from a month ago and is now up 1.6 cents from a year ago.

The national average price of diesel has declined 2.2 cents in the last week to stand at $4 per gallon — 28 cents lower than one year ago.

“Most Americans continued to see average gasoline prices march higher last week. The reason is the season: gasoline demand is rising as more Americans are getting out, combined with the summer gasoline switchover, which is well underway, and continued refinery maintenance,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “The madness should slow down in the next few weeks as we’ve seen positive data that refinery output is starting to increase, a sign that the peak of maintenance season could be behind us.

“In some positive news for Midwest motorists, the BP refinery in Whiting, Indiana, that can process 440,000 barrels of oil per day is finally back to normal operations for the first time since an electrical failure happened in early February,” De Haan added. “For now, gas prices will likely continue to trend higher, but the fever may break soon.

“When it comes to diesel, the news has been good — above-average temperatures have lowered heating oil demand, and average diesel prices are on the cusp of falling back below $4 per gallon.”

On Monday, AAA reported the national average price for a gallon of regular gasoline at $3.46 per gallon, up 7 cents from a week ago. Wyoming’s average is $3.11, up 3 cents from a week ago. Laramie County’s average of $2.99 is the fourth cheapest in the state, according to AAA. The cheapest is $2.88 in Natrona County, followed by $2.95 in Weston County and $2.98 in Albany County.

(AAA graphic)

The cheapest fuel in Laramie County on Monday was $2.89 at Sapp Bros, 12500 Interstate 80 Service Road, followed by $2.91 at Gasamat, 620 E. Lincolnway, according to GasBuddy’s report.

Also included in GasBuddy’s report Monday:

OIL PRICES
After struggling to hit the $80/bbl mark, West Texas Intermediate crude oil has now stayed above that level for the last few trading sessions as IEA suddenly revised its global demand forecast higher and drone attacks on Russian refineries hit fuel output there. In addition, the possibility of peace between Hamas and Israel seems even less likely to happen, with Prime Minister Netanyahu saying an attack on Rafah could continue even against the wishes of the United States. Coming up this week, oil markets will likely be watching comments from the Fed’s two-day meeting, though expectations are for rates to remain unchanged. In early Monday trade, a barrel of WTI was up 45 cents to $81.49 per barrel, up from last week’s $77.75 fetch. Brent was also higher, up 43 cents to $85.77 per barrel, over $2 higher from last week Monday’s $83.31 per barrel start.

OIL AND REFINED PRODUCTS
Last week’s report from the Energy Information Administration showed a 1.4 million barrel drop in crude oil inventories, while the SPR rose another 600,000 barrels, and domestic crude oil production again unexpectedly fell 100,000bpd to 13.1 million. Gasoline inventories plummeted 5.7 million barrels as the squeeze to summer gasoline continues and refiners continue to purge winter-spec fuel. Distillate inventories rose 900,000 barrels, but remain 7% below the five-year average for this time of year. Implied gasoline demand, EIA’s proxy for retail demand, rose 30,000bpd to 9.04 million, very likely disconnected from real retail demand as shown by GasBuddy. Refinery utilization rose 1.9 percentage points to 86.8%.

FUEL DEMAND
According to GasBuddy demand data driven by its Pay with GasBuddy™ fuel card, U.S. retail gasoline demand saw a rise of 3.1% for the week ending March 17 (Sun-Sat). Broken down by PADD region, demand rose 3.7% in PADD 1, rose 4.7% in PADD 2, fell 1.1% in PADD 3, fell 2.0% in PADD 4, and rose 3.3% in PADD 5. GasBuddy models U.S. gasoline demand at 8.633 million barrels per day.

GAS PRICE TRENDS
The most common U.S. gas price encountered by motorists stood at $3.39 per gallon, up 10 cents from last week, followed by $3.29, $3.19, $3.09, and $3.49 rounding out the top five most common prices.
The median U.S. gas price is $3.31 per gallon, up 9 cents from last week and about 13 cents lower than the national average.
The top 10% of stations in the country average $4.68 per gallon, while the bottom 10% average $2.90 per gallon.
The states with the lowest average prices: Mississippi ($3.01), Colorado ($3.03), Oklahoma ($3.03).
The states with the highest average prices: California ($4.87), Hawaii ($4.69), and Washington ($4.27).

DIESEL PRICE TRENDS
The most common U.S. diesel price stood at $3.89 per gallon, unchanged from last week, followed by $3.89, $3.79, $3.69, and $3.59 rounding out the top five most common prices.
The median U.S. diesel price is $3.89 per gallon, down 4 cents from last week and about 11 cents lower than the national average for diesel.
Diesel prices at the top 10% of stations in the country average $5.01 per gallon, while the bottom 10% average $3.46 per gallon.
The states with the lowest average diesel prices: Oklahoma ($3.57), Texas ($3.62), and Mississippi ($3.65).
The states with the highest average diesel prices: Hawaii ($5.61), California ($5.34), and Washington ($4.61).

GasBuddy

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