Since Monday, the national average for a gallon of regular gasoline has increased by a penny to $2.20, which is two cents higher than a week ago, 10 cents more than a month ago and 59 cents less than a year ago. According to new data from the Energy Information Administration (EIA), total domestic gasoline supplies decreased by 3.1 million bbl last week, bringing the current level to 248.5 million bbl. As supplies tighten, prices could continue to rise, depending on demand. Last week, demand for gasoline fell slightly from 8.77 million b/d to 8.65 million b/d.
At the close of Thursday’s formal trading session, WTI decreased by 45 cents to settle at $40.75. Domestic crude prices fell after EIA’s weekly report revealed that total domestic crude inventories decreased by 7.5 million bbl to 531.7 million bbl. Decreasing crude stocks could mean that crude production is beginning to meet demand and could reduce price volatility, as coronavirus outbreaks continue to grow worldwide.
Largest Weekly Increases
- Since last Thursday, these 10 states have seen the largest changes in their averages: Delaware (+7 cents), New Mexico (+5 cents), Maryland (+5 cents), Missouri (+4 cents), Indiana (+4 cents), Washington (+4 cents), Ohio (-4 cents), Wisconsin (-4 cents), Michigan (+3 cents) and Texas (+3 cents).