Since Monday, the national average for a gallon of regular gasoline has decreased by a nickel to $4.75. According to new data from the Energy Information Administration (EIA), gas demand increased from 8.92 million b/d to 9.41 million b/d ahead of the 4th of July holiday, while total domestic gas stocks decreased by 2.5 million bbl. Typically, these supply/demand trends would put upward pressure on pump prices; however, falling oil prices have contributed to lower pump prices.

At the close of Wednesday’s formal trading session, WTI decreased by 98 cents to settle at $98.53. Crude prices continue to face strong headwinds amid broad market concerns 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 increased by 8.2 million bbl to 423.8 million bbl last week, which is nearly 22 million bbl lower than the storage level last year.

Largest Weekly Decreases

• Since last Thursday, these 10 states have seen the largest decreases in their averages: Illinois (−16 cents), Texas (−15 cents), Delaware (−15 cents), Ohio (−13 cents), Florida (−13 cents), Indiana (−13 cents), Virginia (−13 cents), Arizona (−12 cents), South Carolina (−12 cents) and Alabama (−12 cents).