Gas Prices Continue to Drop in North Dakota

BISMARCK – Average retail gasoline prices in North Dakota have fallen 2.1 cents per gallon in the past week, averaging $2.24/g yesterday, according to GasBuddy’s daily survey of 493 gas outlets in North Dakota. This compares with the national average that has increased 1.5 cents per gallon in the last week to $2.22/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in North Dakota during the past week, prices yesterday were 8.4 cents per gallon lower than the same day one year ago and are 2.6 cents per gallon lower than a month ago. The national average has increased 1.4 cents per gallon during the last month and stands 7.3 cents per gallon lower than this day one year ago.

According to GasBuddy historical data, gasoline prices on October 3 in North Dakota have ranged widely over the last five years:
$2.32/g in 2015, $3.35/g in 2014, $3.41/g in 2013, $3.96/g in 2012 and $3.61/g in 2011.

Areas nearby North Dakota and their current gas price climate:
Sioux Falls- $2.04/g, down 3.1 cents per gallon from last week’s $2.07/g.
Fargo- $2.09/g, flat from last week’s $2.09/g.
South Dakota- $2.22/g, down 0.4 cents per gallon from last week’s $2.23/g.

“Gasoline prices quickly reacted to news last week that OPEC had come to a decision regarding cutting back oil production,” said Patrick DeHaan, senior petroleum analyst for GasBuddy. “Oil prices surged on the news which fueled gas prices to jump as well, but several days after the news broke, there’s reason to doubt OPEC’s sincerity of a possible production cut.

In addition, Hurricane Matthew is a major storm worth monitoring as it heads for the East Coast- perhaps to areas affected by the Colonial Pipeline outage last month. Should fuel availability and power outages arise from Matthew, GasBuddy stands ready to activate our Gasoline Availability Tracker.”

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