24 June 2019

U.S. gasoline demand hit the highest level ever recorded during the week of June 14, yet pump prices continue to move lower across the country. When compared to this time last year, domestic crude prices are cheaper by approximately $12 per barrel. Because crude comprises roughly 60 percent of a gallon of gasoline, drivers are seeing summer savings. Today’s national average is $2.66, which is two cents less than last week and 18 cents less than a month and year ago, according to AAA. The North Dakota average is $2.62, a penny less than last week, 14 cents less than a month ago and 24 cents lower than this date one year ago.

At the end of last week, a massive fire took a large Philadelphia refinery offline, causing concern of what this could do to gas prices this summer. The incident will likely lead to reduced gasoline production at the refinery, but gasoline from Canada, neighboring refineries, and the Colonial Pipeline are likely solutions to help backfill supply and limit long-term impact.

Metro-area averages in North Dakota:

 

Today

Last Month

Last Year

 Williston

$2.685

$2.879

$3.004

 Bismarck

$2.635

$2.814

$2.918

 Dickinson

$2.609

$2.850

$2.918

 Minot

$2.603

$2.696

$2.899

 Fargo

$2.581

$2.589

$2.691

 Grand Forks

$2.507

$2.741

$2.860