WYOMING — Wyomingites are seeing record low prices at the pumps, an average of $2.721 per gallon as of Tuesday, Jan. 16, which is the lowest it has been in the past two years.
According to GasBuddy, the only time prices have been lower in the past three years was in January 2021 at approximately $2.20 per gallon. Wyoming’s gas prices have fallen an average of $1.00 per gallon in just the past three months.
Teton County’s average gas price is currently $3.110 per gallon, according to GasBuddy’s survey of 494 stations in Wyoming. The GasBuddy 2024 Fuel Outlook predicts that Wyoming’s gas prices will fluctuate between $3.27 and $3.60 per gallon in the year ahead.
GasBuddy projects that the National gas price in 2024 will be $3.38 per gallon. The month of January will see the lowest prices at $3.11 per gallon.
Experts point to the recent decline in oil prices and a seasonal dip in demand, as well as easing inflation, for the dropping gas prices. If oil prices continue to drop, drivers could continue to see pump prices trickle lower, according to Patrick De Haan, head of petroleum analysis at GasBuddy.
“Each penny decline in the national average saves motorists close to $3.8 million,” said De Haan in GasBuddy’s 2024 report. “As 2023 fades away, I’m hopeful those $5 and $6 prices for gasoline and diesel will also fade into memory. The global refining picture continues to improve, providing more capacity and peace of mind that record-setting prices will stay away from the pump in 2024.”
Gasoline prices are subject to seasonal increases and decreases tied directly to both refinery maintenance season and the Clean Air Act, which has been slowly eliminating some pollutants from fuels, according to the GasBuddy’s report.
