GILLETTE, Wyo.– While the nationwide average price for a gallon of regular fuel saw its first increase in 14 weeks, up 3.2 cents, the Campbell County average rose 30 cents in the two last weeks.
Data compiled from more than 11 million price reports on the GasBuddy tracker shows the national average rose to $3.67 per gallon on Monday. That’s 17.5 cents less than a month ago, but 49.3 cents more than a year ago, reports GasBuddy. The national average diesel price fell 5.1 cents last week to $4.88 a gallon.
Refinery issues in parts of the country are contributing to wild swings as the West Coast, Pacific Northwest, Great Lakes and Plains regions have experienced significant refining issues resulting in supply issues , causing prices to spike even as oil prices fell, said Patrick De Haan, head of oil analysis at GasBuddy.
AAA reported the national average price for a gallon of regular gasoline at $3.72 per gallon, up 1 cent from two weeks ago, and placed the Wyoming average higher at 3.86 $, up 6 cents from last week. The average gas price in Campbell County has risen to $3.58 a gallon, according to AAA.
In Gillette, the Kum & Go at 310 Skyline Drive offered the cheapest fuel in the county at $3.49 a gallon. Maverik at 1616 E. Highway 14-16 offered the second-lowest price per gallon at $3.54, followed by $3.55 at MG Oil Co., 502 El Camino Road, according to GasBuddy reports.
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“One of the longest gas price declines on record has finally come to an end after 14 weeks, with gas prices soaring in multiple regions amid myriad refinery issues from the West Coast to the Great Lakes and between the two,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “I don’t know if I’ve ever seen a wider range of price behavior from coast to coast in my career. A series of unexpected refinery disruptions, including fires and maintenance routine, apparently all happened in a short period of time, leading to a spike in wholesale gas prices in the West Coast, Great Lakes States and Plains regions – and some of these regions could see prices climb even further 25 to 75 cents per gallon or more until problems are resolved.
“Additionally, as Tropical Storm Ian approaches U.S. shores, some refiners may see limited disruption. As a precaution, GasBuddy has activated its Fuel Availability Tracker for motorists in Florida, Georgia, Alabama and North Carolina. Hopefully the disruption will be very limited thanks to Ian, but there are still many factors driving prices up and down across the country.”
Also included in GasBuddy’s Monday report:
Crude oil prices have continued to fall as major central banks continue to hike interest rates sharply, raising fears of a deeper global slowdown in the weeks and months ahead. At the start of Monday’s trading, a barrel of West Texas Intermediate crude oil was down 59 cents at $78.15 a barrel, down $5 from last Monday’s $82.31 a barrel. Brent Crude also posted a loss from last Monday, falling from $88.71 to $85.37 this morning, down 78 cents in early trading today. Even gasoline values continued to fall, but to the dismay of motorists, several high profile refining issues weighed on retail gasoline prices even as wholesale prices fell and spreads regional increased due to outages.
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According to Baker Hughes, the number of US rigs last week increased by 1 rig to 764, and was 243 rigs more than a year ago. The number of Canadian rigs increased by 4 rigs to 215, and was 53 rigs more than a year ago.
PETROLEUM AND REFINED PRODUCTS
According to the Energy Information Administration, US oil inventories rose a modest 1.1 million barrels last week, even as the SPR, the strategic reserve, fell nearly 7 million barrels. Commercial oil inventories in the United States now stand at nearly 17 million barrels, or 4.1%, higher than a year ago as the SPR fell due to the release of oil. Gasoline inventories rose by 1.6 million barrels, but remain around 5% below the five-year average for this time of year, while implied demand for gasoline fell by 172,000 b/ j at 8.32 million barrels. Distillate inventories increased by 1.2 million barrels, but remain 18% below the five-year average for this time of year. Domestic crude oil production held steady at 12.1 million barrels per day while refinery utilization jumped 2 percentage points to 93.6%, even with some refining issues yet to come. were reflected in the data.
According to GasBuddy demand data drawn from its Pay with GasBuddy card, retail gasoline demand in the United States increased last week (Sun-Sat) by 1.2%. Broken down by PADD region, demand increased by 2.9% in PADD 1, decreased by 0.1% in PADD 2, increased by 2.3% in PADD 3, decreased by 3.1% in PADD 4 and down 0.1% in PADD 5.
GAS PRICE TRENDS
The most common U.S. gasoline price encountered by motorists was $3.29 per gallon, down 10 cents from a week ago, followed by $3.39, $3.69, 3 $.89 and $3.49 to complete the five most common prices.
The median U.S. gasoline price is $3.49 a gallon, up 5 cents from last week and about 18 cents lower than the national average.
The top 10% stations in the country average $5.45 per gallon, while the bottom 10% average $2.93 per gallon.
States with the lowest average prices: Mississippi ($3.04), Georgia ($3.08), and Louisiana ($3.08).
States with the highest average prices: California ($5.65), Hawaii ($5.24), and Nevada ($5.00).