Weekly Energy Roundup: Gasoline Sets Another Record, Oil and Natural Gas Also Rise
In Wyoming, most of us fuel our cars with gasoline, heat our homes using natural gas, and rely on electricity generated from coal. And we depend on state services paid for, in large part, by taxes imposed on the companies extracting that oil, gas, and coal — industries whose contributions to state coffers have also kept our individual taxes low. Let’s talk more about gasoline price increase now.
The economic importance of energy means price swings often hit Wyoming especially hard. Money drained from the state’s pockets as oil markets crashed in the early months of the pandemic, then poured back in as markets recovered.
Oil prices have been climbing since the start of 2021. In the months since Russia went to war with Ukraine, those prices skyrocketed, then eased. They’ve continued to surge as tensions mount and settle as they subside, rising to more muted highs, never sinking to levels as low as before.
Gasoline went up along with oil, though it hasn’t been as volatile. For a number of reasons, natural gas has followed, giving a boost to its competitor, coal.
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