Gas Prices Continue to Fall in North Dakota

BISMARCK – Average retail gasoline prices in North Dakota have fallen 0.9 cents per gallon in the past week, averaging $2.27/g yesterday, according to GasBuddy’s daily survey of 493 gas outlets in North Dakota. This compares with the national average that has fallen 3.3 cents per gallon in the last week to $2.26/g.

Including the change in gas prices in North Dakota during the past week, prices yesterday were 58.5 cents per gallon higher than the same day one year ago and are 5.7 cents per gallon higher than a month ago. The national average has decreased 6.7 cents per gallon during the last month and stands 46.2 cents per gallon higher than this day one year ago.

According to GasBuddy historical data, gasoline prices on January 30 in North Dakota have ranged widely over the last five years:
$1.68/g in 2016, $1.97/g in 2015, $3.18/g in 2014, $3.24/g in 2013 and $3.29/g in 2012.

Areas near North Dakota and their current gas price climate:
Sioux Falls- $2.22/g, down 5.8 cents per gallon from last week’s $2.27/g.
Fargo- $2.18/g, flat from last week’s $2.18/g.
South Dakota- $2.27/g, down 4.5 cents per gallon from last week’s $2.31/g.

“For the 22nd straight day, the national average for a gallon of gasoline has dropped, the longest such streak since last summer,” said Patrick DeHaan, senior petroleum analyst for GasBuddy. “Average prices now stand at their lowest thus far in 2017 and the lowest since before Christmas, thanks primarily to weak demand for gasoline and also bulging inventories of gasoline.”

“Soaking weather on the West Coast has certainly dampened motorists appetite for gasoline, while in the Midwest, weak demand has led to a surplus of winter gasoline, leading some stations in the region to offer the nation’s lowest price: $1.52 can be found at a gas station in Oxford, Ohio. But before motorists celebrate such cheap gas, the sweet deal likely won’t stick much longer as we’ve been waiting since last week to see such loss-leaders to disappear. However, we may continue to see the national average moderate during the next week, with the exception in the Great Lakes- where a price adjustment of sorts is still expected,” DeHaan said.

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