By Tim Mandese, Cowboy State Daily
Wyoming’s average gasoline price increased slightly on Friday March 18, 2022 at $4.00 per gallon, which is up 0.9 cents per gallon over the previous 24 hours.
The website GasBuddy.com, which tracks national gas prices, reported Wyoming’s average gas price is up 1.3 cents per gallon over one week ago, and up $1.17 per gallon from one year ago.
Wyoming’s average price for gasoline remained below the national average of $4.272 for a gallon of regular.
The average price per gallon of regular in each Wyoming county:
Albany $3.84; Big Horn $4.00; Campbell $3.93; Carbon $3.93; Converse $4.00; Crook $4.07; Fremont $4.01; Goshen $4.00; Hot Springs $4.10; Johnson $3.99; Laramie $3.93; Lincoln $4.00; Natrona $3.86; Niobrara $4.00; Park $4.12; Platte, $4.00; Sheridan $3.85; Sublette $4.00; Sweetwater $3.99; Teton $4.31; Uinta $4.00; Washakie $4.09; and Weston $3.99.
Uinta County’s average priced moved the most today, dropping by 45 cents per gallon.
The lowest price per gallon, reported in major Wyoming cities:
Basin $4.15; Buffalo $3.60; Casper $3.79; Cheyenne $3.75; Cody $4.10; Douglas $3.78; Evanston $4.22; Gillette $3.82; Jackson $4.18; Kemmerer $4.09; Laramie $3.84; Lusk $3.79; New Castle $4.39; Pinedale $4.05; Rawlins $3.86; Riverton $3.98; Rock Springs $3.75; Sheridan $3.80; Sundance $3.99; Thermopolis $3.97; Wheatland $3.98; Worland $4.04.
The lowest reported average price was $3.60 per gallon in Buffalo, while the highest was in Newcastle, at $4.39 per gallon.
Although we see oil prices fluctuate, the changes at the pump do not correspond with those fluctuations. Oil is sold on the “futures market,” which sells contracts on commodities like oil, wheat, citrus among others.
This type of sale locks in a set price for the future purchase. The price at the pump often reflects the price of oil purchased days or weeks ago. Many futures contracts expire on the third Friday of each month.
However, it does seem to be the case that prices at the pump are quick to echo an oil price increase, yet slow to drop when oil prices retreat.