Since Monday, the national average for a gallon of regular gasoline has increased by a penny to $3.14. In its latest weekly report, new data from the Energy Information Administration (EIA) showed gas demand jumped from 9.17 million b/d to 10.04 million b/d last week. The estimated rate, which will likely be revised in a few months after verified data is available, is the highest weekly gas demand estimate released by EIA since 1991 and only reflects one day of the Independence Day holiday weekend. Higher demand and a 6.1 million bbl decline in total gas stocks last week have pushed pump prices higher. If these trends continue, while the price of crude remains above $70 per barrel, American drivers can expect gas prices to continue climbing during the busy summer driving season.
At the close of Thursday’s formal trading session, WTI increased by 74 cents to settle at $72.94. Crude prices declined earlier in the week due to a stronger dollar and market concerns about excess crude supply. However, prices reversed course following the release of EIA’s report that showed total domestic crude inventories decreased by 6.9 million bbl to 445.5 million bbl last week.
Largest Weekly Increases
- Since last Thursday, these 10 states have seen the largest increases in their averages: Utah (+11 cents), Alaska (+11 cents), Idaho (+10 cents), Indiana (+9 cents), Wyoming (+8 cents), Montana (+6 cents), Washington (+6 cents), Nevada (+5 cents), Colorado (+5 cents) and Oregon (+4 cents).