Wyoming Gas Prices Spike: What’s Behind The Rise?
Recently, average gasoline prices in Wyoming have seen a significant increase of 6.4 cents per gallon in just one week, reaching an average of $3.15 per gallon. This upsurge follows a month that has already seen prices climb by 18.7 cents per gallon, although they remain 14.2 cents lower than the same time last year.
The price disparity within the state is notable, with the lowest recorded at $2.78 per gallon and the highest at $3.45 per gallon, revealing a difference of 67.0 cents per gallon.
On a national scale, gasoline prices have climbed by 10.6 cents per gallon over the last week, averaging $3.21 per gallon. This marks a 13.2-cent increase over the previous month, though prices remain 35.6 cents below the figures recorded a year ago.
The national average price of diesel has similarly increased, rising by 3.6 cents per gallon to stand at $3.594 per gallon.
The recent spike in gas prices comes amidst a backdrop of plunging oil prices due to economic concerns. The U.S.’s recent imposition of substantial tariffs and OPEC+’s faster-than-expected oil production restoration have contributed to this trend. Market analysts suggest that while the national average has seen its largest weekly increase this year, the price hikes may not persist long-term.
Patrick De Haan, head of petroleum analysis at GasBuddy, notes that falling oil prices, a sharply dropping stock market, and an increased risk of recession could lead to a decrease in global energy and oil demand. This scenario contributes to lower gas prices. Consumers could see prices begin to drop nationwide, with recent oil prices at their lowest since the early days of the pandemic. Should current tariffs remain, the national average might dip below $3 per gallon in the upcoming weeks.
Historical Gasoline Prices in Wyoming and the National Average
To better understand current trends, it’s instructive to look back at gasoline prices in recent years:
- April 7, 2024: $3.29/g (U.S. Average: $3.57/g)
- April 7, 2023: $3.26/g (U.S. Average: $3.58/g)
- April 7, 2022: $4.04/g (U.S. Average: $4.14/g)
- April 7, 2021: $2.85/g (U.S. Average: $2.87/g)
- April 7, 2020: $2.03/g (U.S. Average: $1.89/g)
- April 7, 2019: $2.49/g (U.S. Average: $2.74/g)
- April 7, 2018: $2.49/g (U.S. Average: $2.66/g)
- April 7, 2017: $2.24/g (U.S. Average: $2.39/g)
- April 7, 2016: $1.95/g (U.S. Average: $2.04/g)
- April 7, 2015: $2.24/g (U.S. Average: $2.38/g)
Gas Prices in Neighboring Regions
Comparing Wyoming’s gas prices to neighboring areas reveals regional trends and differences:
- Fort Collins: $3.03/g, a rise of 10.9 cents per gallon from last week’s $2.93/g.
- Ogden: $3.14/g, up 7.7 cents per gallon from last week’s $3.07/g.
- Billings: $3.08/g, increasing by 3.0 cents per gallon from last week’s $3.05/g.
In summary, while Wyoming’s gas prices have recently surged, there are indications this trend may not continue indefinitely. The interplay of economic factors, including global oil production and tariffs, will likely influence future gasoline pricing trends across the region and the country.
