Last week, motorists in Natrona County experienced a striking surge in gasoline prices, with the average cost rising at an alarming rate almost four times faster than the national average. This continuous upward trajectory in gasoline prices marks the fifth consecutive week of increases, as reported by GasBuddy data. The national average price for gasoline climbed by 2.5 cents per gallon in the past week, reaching $3.82 per gallon as of Sunday. This reflects an overall surge of 29.1 cents in the last month, although it remains 9.6 cents lower than the price recorded a year ago.
Rise in Petrol and Diesel Prices
Diesel prices have also demonstrated an upward trend, rising by 12.3 cents within the past week. The current national average for diesel stands at $4.270 per gallon, which is significantly lower—77.3 cents—than the price observed one year ago. Patrick De Haan, the head of petroleum analysis at GasBuddy, commented on the ongoing situation, stating, “The national average price of gasoline continues to hold near the highest level we’ve seen since last October, touching $3.84 per gallon. It could climb slightly higher as we get closer to Labor Day, as oil prices remain under pressure from recent OPEC+ production cuts. While July CPI data looked pretty good with energy prices well below their year-ago level, August data isn’t going to look nearly as friendly.”
What did the Authorities Say?
AAA recently reported that the national average price for a gallon of regular gasoline has risen to $3.85 per gallon, indicating a 3-cent increase from the previous week. Within Wyoming, the average price stands at $3.94, marking a 7-cent increase compared to the previous week. Remarkably, Natrona County, despite experiencing an 8-cent weekly rise, maintains the state’s lowest average price at $3.68 per gallon.
GasBuddy’s report noted that the lowest fuel prices in Natrona County were recorded at $3.55 at Ridley’s Family Market on SE Wyoming Blvd, closely followed by $3.59 at USA Gasoline on S. Poplar St. The report highlighted that gasoline prices are just slightly above their levels from a year ago, indicating the potential for a return to year-ago rates by the end of the summer holiday. It also highlighted that the largest Midwest refinery’s unexpected early maintenance led to an unexpected spike in pump prices in the Great Lakes region.
Oil Prices At a Hike Since the Beginning of the Year
Oil markets have witnessed seven consecutive weeks of growth, with prices reaching some of the highest levels since the beginning of the year. Although oil prices have experienced fluctuations around $83 per barrel, supply constraints and Saudi Arabia’s extension of production cuts are expected to mitigate significant downward movement. Notably, the International Energy Agency’s forecasts anticipate reduced crude oil consumption in 2024, primarily influenced by a broader economic slowdown in China and the conclusion of the North American driving season.
In addition, GasBuddy’s comprehensive report delved into aspects such as oil and refined product inventories, as well as fuel demand patterns. Retail gasoline demand saw a 1.6% decline last week, aligning with the seasonal shift in demand trends due to the resumption of schools. Overall, the gasoline and diesel price trends continue to be shaped by complex global dynamics and evolving consumption patterns.