Since Monday, the national average for a gallon of regular gasoline dropped three cents to $3.75. According to new data from the Energy Information Administration (EIA), gas demand increased slightly from 8.59 million b/d to 8.73 million b/d last week. Moreover, according to the EIA, total domestic gasoline stocks rose by 300,000 bbl to 214.8 million bbl. Although gasoline demand has increased slightly, lower oil prices have led to falling pump prices. If gasoline demand begins to subside, as it typically does post-Labor Day, pump prices will likely continue to decrease.
At the close of Wednesday’s formal trading session, WTI decreased by $4.94 to settle at $81.94. Crude prices have dropped this week amid ongoing market concerns that oil demand will fall if economic growth slows or stalls due to a recession. Crude prices will likely follow suit if demand declines due to reduced economic activity. EIA’s latest weekly report also showed that total commercial crude inventories increased significantly by 8.9 million bbl to 427.2 million bbl last week.
Largest Weekly Decreases
- Since last Thursday, these 10 states have seen the largest decreases in their averages: Connecticut (−15 cents), Maryland (−15 cents), Delaware (−15 cents), New Hampshire (−14 cents), Vermont (−14 cents), Texas (−13 cents), Maine (−13 cents), Massachusetts (−13 cents), New Jersey (−13 cents) and New York (−12 cents).