June 21, 2024 |
Photo – Fueling vehicle – Bigfoot99 file photo
Some good news for your pocketbook. Average gasoline prices are down in Wyoming. Gas Buddy Dot Com reports gasoline is averaging $3.27 per gallon on Monday.
In Rawlins on Thursday, gas stations were reporting prices on either side of $3.00 per gallon.
Americans may get lucky this summer. Fuel prices usually rise ahead of the summer driving season. Analysts said this week that gas prices may have peaked in mid-April at a high of $3.67 per gallon.
The average cost of a gallon of regular gas was $3.44 on Wednesday, according to AAA, down about 4% from one month ago. They have fallen since then. Prices are expected to fall further because of lackluster demand. Consumers are pulling back on spending in the face of ongoing inflation.
Falling gas prices could provide a welcome reprieve to Americans who have been crushed by unrelenting price increases for more than three years under the Biden Administration.
This is an election year, and prices may also be declining through political maneuvers such as tapping oil reserves that are usually off-limits.
Industry analysts report that the U.S. produces about 13.2 million barrels of oil per day, just below the record of 13.3 million recorded in December 2023.
Some economists report that falling gasoline prices may indicate that the U.S. economy is shrinking, resulting in less demand for goods and services and fewer trucks on the road.
Some states, including Democrat-run California and New York, report gas prices remain well over $4 per gallon.
