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Friday, November 8, 2024

Pump pain: Montana drivers to spend $72.18 more on gas on average this May

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The average Montana driver will pay $72.18 more at the pump in May 2022 than they did in May 2021, according to an analysis of gas prices from the AAA motor club and Federal Highway Administration (FHA) data by Big Sky Times.

Montana drivers will pay an average of $4.15 per gallon of regular gasoline this month versus $2.83 last year. This is a 46.7 percent increase equaling $1.32 per gallon.

Of the three Montana metropolitan areas analyzed, drivers in Billings faced the largest price hike at the pump in the last year of $75.74. Great Falls was spared the worst pain, with the price of gas rising $70.98 from May 2021 to May 2022.

Gas prices across the US hit a seven-year high following a significant drop at the beginning of the COVID-19 pandemic.

The price of gas, derived from the cost of oil manufactured around the world, has the power to substantially change the free market and influence many industries.

A short-term outlook report from the US Energy Information Administration predicted gas rates will fall throughout 2022.

Montana drivers average 1,323.3 miles and use 54.7 gallons of gasoline per month, according to the FHA.

Montana gas price difference - May 2021 vs. May 2022

Market20222021CHG%Total increase
Billings$4.12$2.73$1.3950.7%$75.74
Missoula$4.18$2.83$1.3647.9%$74.10
Great Falls$4.10$2.80$1.3046.3%$70.98

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