Higher Gas Prices May Hurt Summer Travel
Average retail gasoline prices in Wyoming have risen 3.0 cents per gallon in the past week, averaging $2.74/g yesterday, according to GasBuddy's daily survey of 494 gas outlets in Wyoming. This compares with the national average that has increased 4.3 cents per gallon in the last week to $2.92/g, according to gasoline price website GasBuddy.com.
In addition, GasBuddy found that summer travel is poised to plunge as a result of high gas prices, according to GasBuddy’s 2018 Summer Travel survey. According to the annual survey, only 58 percent of respondents said they will take a road trip this summer, a 24 percent decrease from last year, while 39 percent cited high gas prices for impacting their summer travel decisions, compared to 19 percent in 2017. In addition, there is a big change coming for summer travel, according to the survey. The full press release on the survey is attached or can be accessed HERE.
Including the change in gas prices in Wyoming during the past week, prices yesterday were 46.5 cents per gallon higher than the same day one year ago and are 21.0 cents per gallon higher than a month ago. The national average has increased 16.1 cents per gallon during the last month and stands 56.8 cents per gallon higher than this day one year ago.
According to GasBuddy historical data, gasoline prices on May 21 in Wyoming have ranged widely over the last five years:
$2.28/g in 2017
$2.21/g in 2016
$2.61/g in 2015
$3.48/g in 2014
$3.49/g in 2013
Areas near Wyoming and their current gas price climate:
Fort Collins- $2.74/g, up 6.5 cents per gallon from last week's $2.68/g.
Ogden- $3.14/g, down 0.6 cents per gallon from last week's $3.15/g.
Billings- $2.81/g, up 11.7 cents per gallon from last week's $2.69/g.
"For all those that have said summer travel will be unaffected, we offer thousands of respondents who have strongly indicated that's not true, especially as gas prices continue to climb," said Patrick DeHaan, head of petroleum analysis for GasBuddy. "For the first time in years, the annual GasBuddy Summer Travel Survey revealed that higher prices are hurting the tradition of the summer road trip as we near a national average of $3 per gallon. It's no shock as we continue to see price hikes in 49 of the nation's 50 states in the last week. And what rings true is that with such a big jump in prices, motorists are absolutely becoming more price conscious as they make plans this summer. High gas prices are starting to eat away at the travel plans of many, and the number will likely rise as gasoline prices appear poised to continue moving higher in the weeks ahead."
For LIVE fuel price averages, visit HERE.