Montana’s gas prices jumping up

Average retail gasoline prices in Montana have risen 4.3 cents per gallon in the past week, averaging $2.33/g yesterday, according to GasBuddy’s daily survey of 615 gas outlets in Montana. This compares with the national average that has fallen 4.5 cents per gallon in the last week to $2.34/g, according to gasoline price website GasBuddy.com. Including the change in gas prices in Montana during the past week, prices yesterday were 40.9 cents per gallon lower than the same day one year ago and are 9.6 cents per gallon higher than a month ago. The national average has increased 6.1 cents per gallon during the last month and stands 46.0 cents per gallon lower than this day one year ago. According to GasBuddy historical data, gasoline prices on June 20 in Montana have ranged widely over the last five years: $2.74/g in 2015, $3.57/g in 2014, $3.62/g in 2013, $3.66/g in 2012 and $3.75/g in 2011. Areas nearby Montana and their current gas price climate: Idaho- $2.47/g, up 0.8 cents per gallon from last week’s $2.46/g. Billings- $2.31/g, up 3.3 cents per gallon from last week’s $2.28/g. Wyoming- $2.30/g, up 2.7 cents per gallon from last week’s $2.28/g. “The price of crude oil, which had been gaining steam leading up to June, has now experienced a sustained downturn over the last couple of weeks. As crude oil prices have cooled off, the impact is finally being felt in the retail gasoline sector, where the national average for gasoline fell over five cents per gallon in one week’s time. No area has seen this impact more pronounced than the Great Lakes states, where Indiana and Ohio saw their gas prices fall over 15 cents per gallon in one week. As EIA demand data for gasoline hit a new weekly record, it makes the declining price even more impressive. This week, energy markets will be anxiously awaiting the outcome of whether the UK will remain in the European Union. Uncertainty over the stability of the EU could impact crude and American gas prices,” said Will Speer, GasBuddy senior petroleum analyst.

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