Since Monday, the national average for a gallon of regular gasoline has increased by seven cents to $2.57. The jump in the national average is a direct result of all major Gulf Coast refineries being impacted by the recent winter storm, which has caused gas supplies to tighten and pump prices to increase. Until refineries resume normal operations, supply is expected to remain tight in impacted areas, especially with road conditions and power outages reducing fuel deliveries. Warmer weather is expected in the Gulf Coast in coming days, which will assist with getting refinery operations up and running again. Until then, the impact will result in most drivers seeing pump prices increasing another 5-15 cents through the weekend.

At the close of Thursday’s formal trading session, WTI decreased by 62 cents to settle at $60.52. Although crude prices ended the day lower due to market concerns regarding demand, they have increased so far this week due to supply and delivery impacts from the winter storm. Additionally, the Energy Information Administration’s new weekly report revealed that total domestic crude inventories dropped by 7.3 million bbl last week, bringing the supply level to 461.8 million bbl. As crude inventories decline, crude prices are likely to continue increasing while pushing pump prices higher. 

Largest Weekly Increases

• Since last Thursday, these 10 states have seen the largest increases in their averages: Michigan (+20 cents), Maryland (+14 cents), Arizona (+14 cents), Delaware (+13 cents), Ohio (+12 cents), Nebraska (+12 cents), Iowa (+12 cents), Illinois (+12 cents), Wisconsin (+11 cents) and Minnesota (+11 cents).