Since Monday, the national average for a gallon of regular gasoline has decreased by four cents to $4.85. Due to the delayed release of the Energy Information Administration’s (EIA) report on gasoline supply and demand last week, the federal agency released two weeks of data yesterday that showed gasoline demand decreased each week. Gas demand currently sits at 8.93 million b/d, which is lower than last year’s rate of 9.11 million b/d at the end of June. On the other hand, total domestic gasoline stocks increased by 2.6 million bbl to 221.6 million bbl. These supply/demand dynamics and decreasing oil prices have pushed pump prices lower. As these trends continue, drivers will likely continue to see relief at the pump.
At the close of Wednesday’s formal trading session, WTI decreased by $1.98 to settle at $109.78. Crude prices continue to face strong headwinds amid broad market concern regarding the potential for economic growth to slow or stall due to rising interest rates and inflation. A lower economic growth rate than expected could cause crude demand to decline, leading prices to follow suit. Additionally, EIA reported that total domestic crude stocks decreased by 2.7 million bbl to 415.6 million bbl last week, which is nearly 37 million bbl lower than at the end of June 2021, contributing to price volatility.
Largest Weekly Decreases
- Since last Thursday, these 10 states have seen the largest decreases in their averages: Wisconsin (−14 cents), Delaware (−14 cents), Indiana (−13 cents), Florida (−13 cents), Ohio (−13 cents), Arizona (−12 cents), Texas (−12 cents), Michigan (−12 cents), South Carolina (−11 cents) and Maryland (−11 cents).