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Gas Prices Increase By 10.3 Cents During Week

Average gasoline prices in Montana have risen 10.3 cents per gallon in the last week, averaging $3.86/g on Monday, July 31, according to GasBuddy’s survey of 615 stations in Montana. Prices in Montana are 15.1 cents per gallon higher than a month ago and stand 56.0 cents per gallon lower than a year ago. The national average price of diesel has jumped 15.5 cents in the last week and stands at $3.99 per gallon.

According to GasBuddy price reports, the cheapest station in Montana was priced at $3.49/g on Sunday, July 30, while the most expensive was $4.62/g, a difference of $1.13/g.

The national average price of gasoline has risen 16.5 cents per gallon in the last week, averaging $3.72/g today. The national average is up 21.4 cents per gallon from a month ago and stands 45.6 cents per gallon lower than a year ago, according to Gas-Buddy data compiled from more than 11 million weekly price reports covering over 150,000 gas stations across the country.

Historical gasoline prices in Montana and the national average going back 10 years: July 31, 2022: $4.42/g (U.S. Average: $4.17/g) July 31, 2021: $3.25/g (U.S. Average: $3.16/g) July 31, 2020: $2.24/g (U.S. Average: $2.18/g) July 31, 2019: $2.80/g (U.S. Average: $2.72/g) July 31, 2018: $2.94/g (U.S. Average: $2.87/g) July 31, 2017: $2.33/g (U.S. Average: $2.31/g) July 31, 2016: $2.32/g (U.S. Average: $2.13/g) July 31, 2015: $2.83/g (U.S. Average: $2.66/g) July 31, 2014: $3.60/g (U.S. Average: $3.51/g) July 31, 2013: $3.69/g (U.S. Average: $3.62/g) Neighboring areas and their current gas prices: Idaho- $3.89/g, up 4.1 cents per gallon from last week’s $3.85/g.

Billings- $3.91/g, up 6.0 cents per gallon from last week’s $3.85/g.

Wyoming- $3.73/g, up 9.3 cents per gallon from last week’s $3.63/g.

“Gas prices suddenly soared over the last week due to heat-related refinery outages that impacted some of the largest refineries in the country, at a time when summer gasoline demand peaks and as gasoline inventories slid to their lowest July level since 2015,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “In addition, oil prices surged to their highest level in months, rising to over $80 per barrel due to SPR releases coming to an end and concerns over cuts in supply from Saudi Arabia and Russia, the second and third largest oil producers in the world. Motorists have seen average gasoline and diesel prices rise at the fastest pace in over a year, but the rise seen in the last week should now start slowing. However, as we get ever closer to the peak of hurricane season, any new issues could easily push the national average over $4 per gallon for the first time in 2023. Drivers may want to brace for potentially higher prices yet.”

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