On November 8, GasBuddy released its weekly Wyoming gas price figures, which showed prices had fallen two cents per gallon over the past week, to an average of $ 3.42 per gallon.
Gas prices in Wyoming were 3.4 cents per gallon lower than a month ago and $ 1.29 per gallon higher than last year, with Wyoming’s lowest price being $ 2. $ 85 per gallon and the greater of $ 3.99 per gallon.
The reason for the steep rise in prices now compared to last year is due to the COVID-19 pandemic, which has made people much less likely to travel, which has driven down gas prices due to the declining demand.
This in turn led to a slowdown in oil production, leading to 107 oil and gas companies filing for bankruptcy, the highest number since 2016, and since then production has been slow to recover.
Patrick De Haan, head of petroleum analysis for GasBuddy said:
“We should see small declines this week in most of the country, thanks to the corresponding drop in wholesale gasoline prices. At the OPEC monthly meeting last week, the cartel maintained the agreed small increases. in July, increasing November production by 400,000 barrels per day. While President Biden is still considering options to help bring gas prices down, we may continue to see some volatility in oil prices. Not immediately see a significant drop or increase as Thanksgiving approaches, but US gasoline demand remains strong. “
The rise in gas prices could also be linked to Biden’s relations with Saudi Arabia and its Prince Mohammed bin Salman, due to the president’s refusal to meet with the prince over the murder of Jamal Khashoggi.
David Jenkins, president of the Conservatives for Responsible Stewardship, said gas prices were on a downward trend and once the effects of the pandemic abated, prices will continue descent.
“The trend, and we are at a stalemate right now due to supply chain issues related to the pandemic, on oil and gas prices is downward over time. If you look ahead of the pandemic and look at the projections on the road, because there’s a lot of electrification and stuff going on in the transportation industry. Every semi-trailer manufacturer deploys a semi-electric. UPS and FedEx are changing all their delivery trucks, General Motors has said they will go all-electric by 2035. “
Jenkins said Wyoming should try to diversify when it comes to energy as the market moves away from fossil fuels in the near future.
“If you look at transportation trends and trends in the electricity market … then if I was sitting where Wyoming was and you were so invested in these fossil fuels, I would say ‘oh my god, we’re going to end up with a crumbling economy when all this changes if we don’t diversify. It’s like with your stock portfolio, you don’t put all your eggs in one basket. “