Vermont Business Magazine For the first time in 12 weeks, the national average price of gasoline has fallen, according to national research firm Gas Buddy. Prices had declined 9.0 cents as of Monday from the week before and today stands at $4.23 per gallon (down 5.5 cents over the last seven days). GasBuddy compiles data from more than 11 million individual price reports covering over 150,000 gas stations across the country.
The national average is up 66.1 cents from a month ago and $1.37 per gallon higher than a year ago. The national average price of diesel has fallen 10.2 cents in the last week and stands at $5.03 per gallon.
However, price pressure continues as the Russian invasion of Ukraine that began on February 24 enters its second month.
In Vermont, gasoline prices today were up one cent from yesterday to $4.21, down 1.6 cents from a week ago, up 60 cents from last month and up $1.44 from a year ago.
The lowest price in Vermont today was in Bennington and Rutland at $3.99. The highest price was $4.49 in Charlotte and Northfield.
| Vermont | USA | Trend | |
|---|---|---|---|
| Today | 4.217 | 4.234 |  |
| Yesterday | 4.216 | 4.236 | |
| One Week Ago | 4.201 | 4.289 | |
| One Month Ago | 3.618 | 3.573 | |
| One Year Ago | 2.779 | 2.867 | |
| * Average Regular Gas Prices - Updated: 1:35 PM | |||
“GasBuddy, last week, predicted that a top was in for the national average price of gasoline, and indeed, for the first time in 12 weeks, the national average price of gasoline has declined. While the decline is still subject to changes in global supply and demand, Covid and Russia’s war on Ukraine, we are poised to see additional downdrafts at the pump this week,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “For now, gasoline demand has shown absolutely no signs of buckling under the pressure of higher prices, even as California nears an average of $6 per gallon, with spring break travel well underway. If the situation does worsen, with more oil being kept away from global markets, it’s not impossible that gas prices would still have to climb a considerable amount for Americans to start curbing their insatiable demand for gasoline.”
Average gasoline prices in Burlington, as of Monday March 21, have fallen 14.1 cents per gallon in the last week, averaging $4.17/g today, according to GasBuddy's survey of 100 stations in Burlington. Prices in Burlington are 49.6 cents per gallon higher than a month ago and stand $1.37/g higher than a year ago.
According to GasBuddy price reports, the cheapest station in Burlington was priced at $4.09/g yesterday while the most expensive was $4.32/g, a difference of 23.0 cents per gallon. The lowest price in the state yesterday was $3.85/g while the highest was $4.79/g, a difference of 94.0 cents per gallon.
The national average price of gasoline has fallen 9.0 cents per gallon in the last week, averaging $4.23/g today. The national average is up 71.5 cents per gallon from a month ago and stands $1.37/g higher than a year ago, according to GasBuddy data compiled from more than 11 million weekly price reports covering over 150,000 gas stations across the country.
Historical gasoline prices in Burlington and the national average going back ten years:
March 21, 2021: $2.80/g (U.S. Average: $2.86/g)
March 21, 2020: $2.35/g (U.S. Average: $2.09/g)
March 21, 2019: $2.59/g (U.S. Average: $2.61/g)
March 21, 2018: $2.61/g (U.S. Average: $2.57/g)
March 21, 2017: $2.29/g (U.S. Average: $2.29/g)
March 21, 2016: $1.97/g (U.S. Average: $1.98/g)
March 21, 2015: $2.54/g (U.S. Average: $2.42/g)
March 21, 2014: $3.62/g (U.S. Average: $3.52/g)
March 21, 2013: $3.76/g (U.S. Average: $3.69/g)
March 21, 2012: $3.85/g (U.S. Average: $3.87/g)
Neighboring areas and their current gas prices:
Albany- $4.29/g, down 12.3 cents per gallon from last week's $4.42/g.
New Hampshire- $4.19/g, down 8.6 cents per gallon from last week's $4.28/g.
GasBuddy is the authoritative voice for gas prices and the only source for station-level data spanning nearly two decades. Unlike AAA's once daily survey and the Lundberg Survey, updated once every two weeks based on a small fraction of U.S. gasoline stations, GasBuddy's survey updates 288 times every day from the most diverse list of sources covering nearly 150,000 stations nationwide, the most comprehensive and up-to-date in the country. GasBuddy data is accessible at http://prices.GasBuddy.com.
OIL PRICES
With fears resurfacing that European countries may pursue sanctions against Russia’s energy sector, oil prices were up sharply around midday, with a barrel of West Texas Intermediate crude oil up $5.87 per barrel to $110.57, up from last Monday’s $102.52 level. Brent crude oil was also trading sharply higher, at $114.92 per barrel, up $6.99 in early trade and quite a bit higher than last Monday’s $106.13 per barrel price. Oil markets have seen a dramatic rise in volatility due to lower liquidity prompted by exchanges raising margin requirements to insure liquidity as oil prices trade wildly.
According to Baker Hughes, last week’s U.S. rig count was unchanged at 663, and was 252 rigs higher than a year ago. The Canadian rig count was down by 30 to 176, or 84 more than a year ago.
OIL AND REFINED PRODUCT INVENTORIES
According to data from the Energy Information Administration, last week saw a 4.3 million barrel rise in U.S. oil inventories, while the Strategic Petroleum Reserve fell 2 million barrels. Gasoline inventories fell 3.6 million barrels, while distillate inventories eked out a 300,000 barrel gain. Domestic oil production remained unchanged at 11.6 million barrels per day, while refinery utilization rose 1.1 percentage points to 90.4%. Implied gasoline demand, a proxy for retail gasoline demand, fell 19,000 barrels per day to 8.94 million barrels per day.
FUEL DEMAND
According to GasBuddy demand data driven by its Pay with GasBuddy card, U.S. retail gasoline demand saw a rise last week (Sun-Sat). Nationally, weekly gasoline demand rose 2.9% from the prior week, while demand rose 5.6% in PADD 1, rose 1.2% in PADD 2, rose 4.5% in PADD 3, rose 3.0% in PADD 4, and fell 0.8% in PADD 5.
GAS PRICE TRENDS
The most common U.S. gas price encountered by motorists stood at $3.99 per gallon, unchanged from last week, followed by $4.09, $3.89, $4.19, and $4.29 rounding out the five most common prices.
The median U.S. price is $4.05 per gallon, down 14 cents from last week and about 19 cents lower than the national average.
The states with the lowest average prices: Oklahoma ($3.75), Kansas ($3.78), and Missouri ($3.80).
The states with the highest prices: California ($5.85), Nevada ($5.08), and Hawaii ($5.05).
SOURCE: GasBuddy. Boston. 3.21.2022. http://www.vermontgasprices.com/ 3.24.2022
