Average gasoline prices decline by nearly 2 cents a gallon in past week
CHEYENNE—Average gasoline prices in Wyoming have fallen 1.7 cents per gallon in the last week, averaging $3.28 per gallon Monday, according to GasBuddy.com’s survey of 494 stations in Wyoming.
Prices in Wyoming are 2.5 cents per gallon lower than a month ago, and stand 19.6 cents per gallon lower than a year ago.
According to GasBuddy price reports, the lowest price in the state on Sunday was $2.57, while the highest was $4.46, a difference of $1.89 per gallon.
The national average price of gasoline has fallen 10 cents per gallon in the last week, averaging $3.40 per gallon on Monday. The national average is down 23 cents per gallon from a month ago, and stands 18.2 cents per gallon lower than a year ago, according to Gas-Buddy data compiled from more than 11 million weekly price reports covering over 150,000 gas stations across the country.
The national average price of diesel has fallen 6.7 cents in the last week and stands at $3.75 per gallon.
Teton County emergency management coordinator: other sources of aid faster than FEMA
JACKSON—Jackson Hole government leaders will not apply for disaster relief aid through the Federal Emergency Management Agency in the wake of Teton Pass collapsing.
Rich Ochs, Teton County’s emergency management coordinator, said disaster declarations from the county would be a “moot point.”
“The governor has already said he’s helping,” Ochs said, and the state’s highway department sought financial assistance through the Federal Highway Administration, not FEMA.
“It’s a much faster process, and it’s a much better route for funding,” Ochs said.
The FEMA process would require a series of applications through the governor, stating what the community has suffered, what it needs and that it doesn’t have resources.
The indefinite closure of Highway 22 is certainly a “serious incident,” Ochs said, but that doesn’t mean it’s a good candidate for a FEMA application.
There have been no deaths or loss of property. The only injury was of the motorcyclist who last week first ran over a crack that developed into a landslide. The county and town of Jackson have not suffered any direct financial losses, Ochs said, and are not responsible for fixing the highway.
“So we would essentially be asking for money to help the state fix the problem, which the state has already done,” he said.
Ochs also cautioned against any type of declaration.
“No matter how focused you make it on the area,” he said, “once it hits the media, the story is going to be Jackson Hole is closed. And Jackson Hole is not closed.”
Wyoming last received FEMA money during the COVID-19 pandemic when the agency approved $73 million for community-based testing services, lost wages assistance and reimbursem*nt to agencies offering assistance.
State releases May issue of Wyoming Insight business indicators
CHEYENNE—The Wyoming Insight, which serves as an energy index and business indicators report for the state, reported that in May, natural gas prices slightly improved and oil prices fell, near $80/bbl.
The May 2024 natural gas price at the Opal Hub averaged $1.34 per million British thermal units (MMBtu), $0.03 more than last month. The Henry Hub natural gas price averaged $2.13/ MMBtu in May, $0.54 higher than last month.
“Natural gas prices have suffered in recent months due to the unusually warm winter temperatures and high inventory levels,” according to Dylan Bainer, principal economist for Wyoming’s Economic Analysis Division.
The West Texas Intermediate monthly average price for crude oil was $80.12 per bbl. in May, down 6.1% compared to last month. Average active oil rigs were 11 in May, and the conventional gas rig count was one. A year ago, there were 17 oil rigs and one conventional gas rig.
Total sales and use tax collections in May summed to $69.4 million, $6.6 million (-8.7%) less than May last year.
“This is the second time total sales and use tax collections have decreased year-over-year in the last three months,” said Bainer.
Collections from the mining sector also saw a decrease, down $2.6 million (-23.6%) year-over-year.
Mining employment is still down compared to pre-pandemic levels.
“Relative to February 2020 (before the pandemic hit the labor market in March 2020), total employment has surpassed pre-COVID levels, but employment in the mining sector has still not fully recovered,” said Bainer.
Compared to February 2020, total employment in April 2024 was up 4,400 jobs, but employment in the mining sector was down 3,400 jobs.
The May 2024 issue of the Wyoming Insight is available at the state of Wyoming’s Economic Analysis Division website, ai.wyo.gov/divisions/economic-analysis.
