Gas Prices Starting to Fall from Summer Highs
According to data by GasBuddy, they have found that gas prices in Wyoming have fallen 3.4 cents in the past week to an average of $3.47 a gallon, and 8.4 cents lower than it was a month ago, from $3.55 a gallon.
This comes after the summer season where people were eager to go back out with COVID restrictions being lifted and gas production beginning to stabilize.
However as summer has ended and COVID cases have gone up, gas prices may start to fall more, though the state's rig has increased slightly over the last month from 16 on August 20 to 18 rigs currently operating.
Nationally, Wyoming is the 10th highest when it comes to gas prices, which are currently at $3.18 a gallon, up about 2 cents from a month ago.
Patrick De Haan, head of petroleum analysis for GasBuddy, said in a press release that Hurricane Ida has impacted gas production in a few ways, and it may take some time for some producers to fully recover.
"Gas prices have been stuck in somewhat of a limbo and remain near 2021 highs long after Hurricane Ida has dissipated. The damage done to oil production has been left behind and so far has prevented prices from resuming their seasonal decline. Ida caused the loss of over 30 million barrels of oil production in the Gulf of Mexico, and with gasoline demand remaining relatively high for the season, oil inventories remain relatively tight, preventing any organized decline in gas prices for the time being."