Labor Day Gas Prices Could Be the Highest Ever

Missoula, MT (KGVO-AM News) - Montana gas prices have increased in back-to-back weeks. Patrick De Haan is the head of petroleum analysis at GasBuddy, and he provided the current numbers.                 

“Average gasoline prices in Montana have risen 9.4 cents per gallon in the last week, averaging $4.41 per gallon today,” De Haan said. “Prices in Montana are 12.4 cents per gallon higher than a month ago and stand $1.19 per gallon higher than a year ago."                            

As of Monday morning, the two stations at the corner of Reserve and Mullan in Missoula were charging $4.29, which is a 10-cent increase. The two stations at the corner of Reserve and South were charging $4.29 and $4.36. The station on North Reserve across from Larchmont Golf Course was charging $4.39. According to GasBuddy price reports, the cheapest station in Montana was priced at $4.14 per gallon yesterday, while the most expensive was $5.29 per gallon.     

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Montana is currently ranked 10th in the U.S. when it comes to the average price of gas, which is one spot lower than last week.                   

"The national average price of gasoline has risen 2.9 cents per gallon in the last week, averaging $4.05 per gallon today,” De Haan said. “The national average is down 5.0 cents per gallon from a month ago and stands 92.6 cents per gallon higher than a year ago. The national average price of diesel has increased 16.6 cents compared to a week ago and stands at $5.58 per gallon.”              

READ MORE: Montana Ranks 9th In The US For Average Gas Prices

De Haan said average gasoline prices moved higher in the majority of states over the last week, with fewer than 10 states seeing declines. 

"Diesel surged nearly 17 cents per gallon nationally, leaving it less than 25 cents away from an all-time record high," said De Haan. "Gasoline, while not at all-time records, is at its highest level ever recorded this late in the calendar year, meaning Americans could for the first time ever see a national average price of gasoline above $4 per gallon on Labor Day — eclipsing the previous record of $3.83 per gallon set in 2012. While some oil shipments are apparently getting through the Strait of Hormuz, the dominant force propping up both gasoline and diesel prices is increasingly the growing loss of Russian refinery capacity, as continued Ukrainian attacks knock more facilities offline and constrain the global supply of refined fuels." 

Until that refining supply picture improves, De Haan said both gasoline and diesel prices face continued upward pressure.