Gasoline prices in Wyoming soar to $ 3,243 / gallon around July 4; up to ~ 8 cents in a week

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CASPER, Wyoming. – The average price of a gallon of regular gasoline in Wyoming has increased by about 8 cents over the past week, according to AAA.

Wyoming drivers are paying an average of $ 3,242 a gallon for regular gasoline at the pump Monday as the country prepares for the upcoming Independence Day weekend.

Gas prices on Monday were up $ 1.13 from a year ago. Gas prices fell last year due to a combination of factors, including a decrease in the number of drivers on the road due to the COVID-19 pandemic and an oil price war between Russia and the ‘Saudi Arabia. The average price of regular gasoline in Wyoming at this time in 2020 was $ 2,112 per gallon.

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In Casper, gasoline prices are below the state average, with drivers paying an average of $ 3.125 at the pump for a gallon of regular gasoline on Monday, according to AAA. This is an increase of about six cents from a week ago.

Prices in Cheyenne are approaching the state average, with drivers paying an average of $ 3.223 per gallon of regular gasoline on Monday.

Wyoming residents typically pay more than most customers in the country, according to data from the AAA. The average price of a gallon of regular gasoline across the country was $ 3.099 per gallon. That’s about two cents from last week and up from the average of $ 2.178 per gallon a year ago.

AAA said in a statement on Monday that gas prices are likely to continue to rise until Independence Day. They predict that “a record 43.6 million Americans will hit the road for a vacation getaway.” The AAA defines Independence Day from July 1-5.

AAA has shared the average gas prices for the Independence Day holidays in recent years as follows:

Independence Day Holiday Weekend Average gas price
July 2 – 6, 2014 $ 3.66
July 1 – 5, 2015 $ 2.76
June 30 – July 4, 2016 $ 2.27
June 30 – July 4, 2017 $ 2.23
July 3 – 8, 2018 $ 2.86
July 3 – 7, 2019 $ 2.75
July 1 – 5, 2020 $ 2.17
June 28, 2021 $ 3.09
(AAA)

AAA added that crude oil prices sold for around $ 74 a barrel last week, the highest price “in nearly three years.”

“In January 2020, after experiencing a usual decline due to business closures for the Chinese New Year celebration, China’s oil demand continued to decline due to pandemic-related shutdowns across the country. the economy “, the US Bureau of Labor Statistics said in an October 2020 article. “The demand for oil has declined by 3 million barrels per day, which represents about 20% of the country’s overall oil consumption. “

“As the COVID-19 pandemic continued to spread across the world, Saudi Arabia, the world’s second-largest oil producer behind the United States, urged other members of the Organization of the Petroleum Exporting Countries (OPEC ) and Russia to reduce their production. After forming an alliance with OPEC in 2016 to control the price of oil through production cuts, Russia, the world’s third-largest oil producer, has now resisted calls for further cuts in response to the pandemic . Russia has sought to gain market share by anticipating that the profitability and output of the US shale industry will fall in the face of falling prices. “

After Russia and OPEC failed to come to an agreement, OPEC began to increase production.

“By early April, OPEC had increased production from 1.7 million barrels per day to a level of 30.4 million barrels per day, the largest increase in production since September 1990,” the Bureau said. of Labor Statistics of the United States. “The production boom coincided with an estimate by the International Energy Agency (IEA) that global demand for oil was down nearly 30 million barrels per day due to shutdowns in response to the COVID-19 pandemic. With demand falling, the addition of oil to an already saturated market led to a near-record 535.2 million barrels of crude oil inventories in the United States on May 1. “

The pandemic, the price war and the cyberattack are just a few examples that show the complex nature of fuel prices across the planet. Historical data shows that while gasoline prices in the United States are higher this spring than in recent years, prices tend to increase each year in the spring and summer:

AAA says the highest average gasoline price on record in Wyoming was $ 4.123 per gallon on July 17, 2008.


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