National gas price drops for 7th week; Gillette station offers the cheapest price in Wyoming

GILLETTE, Wyo.– The U.S. national average for a gallon of regular gasoline fell for the seventh straight week, hitting 15.9 cents cheaper than a week ago at $4.17, the tool reported Monday. GasBuddy price tracker. The national average for a gallon of diesel also fell, down 14.8 cents last week to $5.27.

The national average per gallon of regular gasoline is down 65.5 cents from last month, while still $1.02 higher than a year ago, according to GasBuddy.

AAA Reports the national average for a gallon of regular gasoline at $4.21 per gallon and the higher Wyoming average at $4.41. Campbell County prices fell 21 cents from a week ago to $3.91 a gallon on Monday, according to AAA. It was the second-cheapest average price in the state.

MG Oil Co. at 502 El Camino Road offered the state’s lowest price for regular gasoline at $3.50 on Monday, according to GasBuddy reports. The next cheapest station in Campbell County was Maverik, 1616 E. Highway 14-16, at $3.75 a gallon, followed by Kum & Go, 1504 E. Highway 14-16, at $3.78 .

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“We continue to see average gasoline prices drop in every state, with the national average down for the seventh straight week. Even better, nearly 20 states also saw their average drop to $3.99 or lower, with over 70,000 stations now at or below this level,” said Patrick De Haan, head of oil analysis at GasBuddy. “The outlook is for a continued decline in most regions, however, some tension from supply in northeastern areas of the United States may push prices up slightly until stocks increase, or imports do.

“Right now, Americans are seeing prices nearly 90 cents lower than their mid-June peak and spending nearly $330 million less on gasoline every day. As long as oil prices hold at these levels or lower, we will see another decline in most regions this week. »

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Also included in GasBuddy’s Monday report:

OIL PRICE
Energy markets have seen additional volatility over the past week with various headlines moving prices, including renewed economic concerns in Europe and China over a drop in manufacturing activity. At the start of Monday’s trading, a barrel of West Texas Intermediate crude oil was down $4.66 at $93.96 a barrel, slightly below last Monday’s level of $96.03 a barrel. Brent crude was also in the red, down $2.66 to $101.31 a barrel, about $3 lower than last Monday’s figure of $104.38. With the United States now experiencing back-to-back quarters of negative economic growth, the outlook for a quick rebound could dim. In addition, OPEC will meet later this week among member countries where OPEC is expected to largely keep production unchanged, or possibly approve a slight increase in production.

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According to Baker Hughes, the US rig count last week was 9 to 767, and 279 rigs more than a year ago. The number of Canadian rigs increased by 9 to 204, 51 more than a year ago.

STOCKS OF OIL AND REFINED PRODUCTS
According to the Energy Information Administration, US oil inventories fell 4.5 million barrels last week and are about 14 million barrels lower than a year ago, while the SPR fell by 5.6 million barrels. Domestic crude oil production increased by 200,000 bpd to 12.1 million barrels, up 900,000 bpd from a year ago. Gasoline inventories fell by 3.3 million barrels and are 9 million barrels, or 4%, lower than a year ago. Distillate inventories fell by 800,000 barrels and are 19% below last year’s level and 23% below the five-year average for this time of year. Implied gasoline demand jumped 724,000 bpd to 9.25 million barrels per day. Refinery utilization fell 1.5 percentage points to 92.2%, while gasoline production increased to 9.7 million barrels per day and distillate production fell to 5.0 million barrels per day. Total inventories are down 210.2 million barrels (including SPR) from a year ago.

FUEL REQUEST
According to GasBuddy demand data from its Pay with GasBuddy card, U.S. retail gasoline demand rose 2.03% last week (Sun-Sat). By region, demand increased by 1.6% in PADD 1, 1.9% in PADD 2, 2.1% in PADD 3, 0.9% in PADD 4 and 2, 4% in PADD 5.

GAS PRICE TRENDS
The most common U.S. gasoline price encountered by motorists was $3.99 per gallon, unchanged from last week, followed by $3.79, $3.89, $3.69 and $4.09 to complete the five most common prices.
The U.S. median price is $3.99 per gallon, down 20 cents from last week and about 18 cents lower than the national average.
The top 10% stations in the country average $5.46/gal, while the bottom 10% average $3.48/gal.
States with the lowest average prices: Texas ($3.67), South Carolina ($3.69), and Oklahoma ($3.72).
States with the highest prices: California ($5.56), Hawaii ($5.33) and Oregon ($5.05).