Montana Gas Prices See Biggest Drop of the Year

Missoula, MT (KGVO-AM News) - After weeks of increases, Montana gas prices have finally dropped. Patrick De Haan is the head of petroleum analysis at GasBuddy, and he provided the current numbers.      

“Average gasoline prices in Montana have fallen 11.4 cents per gallon in the last week, averaging $4.47 per gallon today,” De Haan said. “Prices in Montana are 19.1 cents per gallon higher than a month ago and stand $1.27 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 $4.39. However, the two stations at the corner of Reserve and South were charging $4.69. According to GasBuddy price reports, the cheapest station in Montana was priced at $3.79 per gallon yesterday, while the most expensive was $5.19 per gallon.                       

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Montana is currently ranked 13th in the U.S. when it comes to the average price of gas, which is four spots higher than last week.                    

"The national average price of gasoline has fallen 19.5 cents per gallon in the last week, averaging $4.26 per gallon today,” De Haan said. “The national average is down 17.8 cents per gallon from a month ago and stands $1.18 per gallon higher than a year ago. The national average price of diesel has decreased 15.5 cents compared to a week ago and stands at $5.44 per gallon.”     

READ MORE: Montana Gas Prices Stabilize After Weeks Of Increases 

According to De Haan, average gasoline prices declined in all 50 states over the last week, and 15 states now have an average price below $4 per gallon. 

“Much of the decline was driven by falling oil prices and the unwinding of recent price cycles, as growing optimism surrounding a potential U.S.-Iran agreement helped ease concerns over global oil supplies,” said De Haan. “Diesel prices also posted a substantial decline, falling more than 15 cents per gallon nationally. However, the coast is anything but clear. Oil prices edged higher Sunday evening as uncertainty surrounding a potential deal persisted and renewed Israeli attacks added another layer of geopolitical risk.” 

While motorists may continue to see some short-term relief, De Haan said some price-cycling states could soon experience another upward swing as retailers run out of room to lower prices further. Overall, any setback in negotiations could quickly reverse the recent decline in fuel prices.