Since Monday, the national average for a gallon of regular gasoline has held steady at $2.16, which is one cent less than a weekago, two cents less than a month ago, and still significantly cheaper than last year (-48 cents). In the new weekly report from the Energy Information Administration (EIA), gas demand decreased from 8.58 million b/d to 8.29 million b/d. Low demand, even as total domestic stocks increased by 1.9 million bbl to 227 million bbl last week, has helped pump prices decrease. As demand remains low, American drivers should expect pump prices to continue to decline this fall.
At the close of Thursday’s formal trading session, WTI increased by 61 cents to settle at $40.64. Domestic crude prices increased despite market concern about increasing coronavirus infections worldwide, which could lower crude demand as countries impose new restrictions that will likely limit oil consumption. The increase in crude prices was supported by EIA’s new weekly report showing that total domestic crude inventories dropped by 1 million bbl to 488.1 million bbl last week. However, if demand concerns continue to weigh on the market, crude prices — and gas prices — could decrease.
Largest Weekly Changes
- Since last Thursday, these 10 states have seen the largest changes in their averages: Kentucky (+5 cents), Washington, D.C. (-5 cents), Delaware (-5 cents), Ohio (+4 cents), Florida (-4 cents), Indiana (-4 cents), Wisconsin (-3 cents), Maryland (-3 cents), North Carolina (-3 cents) and South Carolina (-2 cents).