North Dakota Gas Hits $3 mark
FARGO, ND (July 8, 2021) -- For the first time in more than six years the average price for a gallon of regular gas in North Dakota has hit $3.
At the end of last week, gas shot up to over $3 average per gallon, 14 cents from one month ago and 90 cents from this time last year; however, it remains 14 cents below the national average of $3.14, according to AAA. The last time North Dakota motorists paid $3 a statewide average of $3 for gas was Nov. 18, 2014.
Fuel prices have moved higher on a sharp increase in the cost of crude oil. Crude oil prices (WTI) recently traded above $76, a level not seen since November 2014. The price for a barrel of oil has slipped below $72 today, bringing some hope that prices at the pump may soon peak.
“Robust gasoline demand and more expensive oil have pushed gas prices higher,” said Gene LaDoucer, regional public affairs director for AAA-The Auto Club Group. “An increase in crude oil production to meet growing global demand is needed to bring some relief to motorists.”
A rebound in WTI back above $76 could increase gas prices by 10–20 cents or more, added LaDoucer.
As of July 7, Gas in Devils Lake and in surrounding metros including Grand Forks, Minot and Fargo exceeded $3 a gallon, averaging at $3.05 per gallon at most pumps.
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