Gas prices drop for 50 straight days
In a complete reversal of predictions at the beginning of summer, gas prices have fallen for more than 50 straight days.
Forecasts back in April and May painted a punishing picture at the beginning of the season when the price per gallon of regular ballooned nearly reaching $5 nationally. Experts had expected rising demand to push the price even further by the beginning of August, with some saying it would eclipse the $6 mark, which states on the West Coast came very close to doing.
While drivers gritted their teeth as long as they could, consumer demand for fuel collapsed to levels even lower than the early days of the pandemic in 2020, causing the fastest decline in over a decade according to the American Automobile Association. Ward County currently enjoys some of the lowest prices in the state. The result has been evident all over Minot, with many gas stations selling gas for less than $4 dollars for the first time since February of this year. Prices are still nearly $2 higher nationally than they were a year ago, but the current respite, though unexpected, is a welcome one.
Price tracking service Gas Buddy highlighted a 7 Eleven outside Oklahoma City in a tweet this week that was the first in the nation with prices below $3 as evidence that these lower prices were not a mirage. Gas Buddy’s head of petroleum analysis Patrick De Haan appeared on CNBC on Aug. 4, and attributed the fast drop to a softening of demand, and expects the decline to continue for the next two weeks and even beyond.
However, some of the after effects of spiking fuel prices still remain despite the recent drops. Some delivery and fulfillment services instituted service charges to address the shortfalls created by the price of diesel, but some local businesses are still finding those charges on their invoices. With prices remaining volatile, and the preference for diesel in the cold winter months ahead, it remains unknown exactly when such added fees won’t be necessary for such services.





