CHEYENNE, Wyo. — The average cost of a regular gallon of gasoline in Wyoming is $3.544 as of Monday, according to AAA. That is down about five cents from a month ago.
While Wyoming prices are down compared with the same point in August, the national average is up. The national average price for a regular gallon of gasoline is $3.195 as of Monday, about two cents higher than a month ago, according to AAA.
The U.S. Energy Information Administration reports that demand has fallen 8%, down to 8.9 million barrels per day, the lowest demand since Memorial Day, according to AAA.
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AAA said in a press release Monday that while demand for gasoline typically declines after Labor Day, supply has taken hits due to Hurricane Ida and Hurricane Nicholas in recent weeks.
About 23% of offshore production in the Gulf of Mexico remains down, according to AAA.
“Hurricane Nicholas complicated and slowed the recovery from Ida, but the seasonal drop-off in demand helped mitigate price increases on the week,” AAA Spokesperson Andrew Gross said in the release. “We aren’t in the clear yet, though. We are only at the mid-point for hurricane season, and it has been an active one so far, with 17 named storms already. Motorists can expect price fluctuations into October.”
While oil production in the Gulf of Mexico has slowed, most refineries that were impacted by the hurricanes have been restarting, according to AAA.
“Once fully back online, refinery production will help to increase domestic supply levels, which took another step back by 2 million bbl to 218 million bbl in EIA’s latest report,” AAA said. “This is the lowest stock level since the post-Hurricane Harvey period in 2017. The tightened supply level has contributed to an increase in oil prices, which hit a high of $72 bbl last week, a level not seen since July. If the price of oil remains at this level or goes higher, it will likely result in higher prices at the pump.”