Since Monday, the national average for a gallon of regular gasoline has decreased by two cents to $3.31. According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 700,000 bbl to 218.6 million bbl last week. On the other hand, gasoline demand increased from 8.96 million b/d to 9.47 million b/d. Typically, growing demand and tight supply would support rising pump prices, but fluctuations in the price of crude oil have helped to put downward pressure on prices. However, this week, crude prices have risen above $70 per barrel. If crude prices continue to climb, pump prices will likely follow suit.

At the close of Thursday’s formal trading session, WTI increased by $1.51 to settle at $72.38. Crude prices rose this week after the EIA reported that total domestic crude stocks decreased by 4.6 million bbl last week to 428.3 million bbl. The current stock level is 14.4 percent lower than the level in mid-December 2020, contributing to pressure on domestic crude prices. Additionally, crude prices rose this week — alongside the equities market — after the U.S. Federal Reserve signaled upcoming interest rate hikes to fight inflation. 

Largest Weekly Decreases

• Since last Thursday, these 10 states have seen the largest decreases in their averages: Michigan (−5 cents), Indiana (−5 cents), Arizona (−4 cents), Ohio (−4 cents), Utah (−4 cents), Illinois (−4 cents), Wyoming (−4 cents), New Mexico (−3 cents), Florida (−3 cents) and Alabama (−3 cents).