Gas Numbers: Oil Prices Keeping Gas Prices From Falling Faster
Gas prices in North Dakota have continued to fall, albeit slowly, after spiking over the last few weeks.
According to data from AAA auto, North Dakota gas prices again crept down over the last week, this time by nearly a dime.
Williams County comes in with an average price of $3.95, making prices 16 cents above the state average of $3.79 and 15 cents above the national average of $3.80 which is down over a nickel since last week.
The most expensive county to fill up in is Logan at $3.99 and the least expensive is Grand Forks county at $3.61 per gallon.
The national average for a gallon of gas only decreased six cents since last week to reach $3.80 despite sluggish demand from fewer drivers stopping at the pump. The high price of oil is to blame for the gradual decline since it acts as a dragnet for reducing gas prices.
The Energy Information Administration has released new statistics showing that gas demand increased marginally last week from 8.41 million barrels per day to 8.62 million barrels per day; nevertheless, this is lower than the rate of 8.83 million barrels per day during the same week in September 2022 last year.
The overall domestic gasoline inventory rose to 220.5 million barrel, up 1 million.
Low demand and rising supply have caused prices to decline. As the nation enters the lower-demand fall driving season, changing oil prices have curbed seasonal price declines that are usually seen.
At $3.83, the current national average is two cents more than it was a month ago and seven cents higher than it was a year ago.
NORTH DAKOTA AVERAGE GAS PRICES
|Week Ago Avg.||$3.890||$4.185||$4.563||$4.380|
|Month Ago Avg.||$3.715||$4.018||$4.357||$4.237|
|Year Ago Avg.||$3.687||$3.985||$4.397||$4.678|
ince last Thursday, these 10 states have seen the largest changes in their averages: California (+24 cents), Delaware (−20 cents), Iowa (−15 cents), Nevada (+13 cents), Oklahoma (−12 cents), Maryland (−12 cents), Florida (−11 cents), Ohio (−10 cents), Wisconsin (−10 cents) and Missouri (−9 cents).