Since Monday, the national average for a gallon of regular gasoline has increased by five cents to $2.08, which is nine cents higher than a week ago, 24 cents more than a month ago and 65 cents less than a year ago. According to new data from the Energy Information Administration (EIA), gas demand has continued to increase, moving from 7.5 million b/d to 7.9 million b/d last week. If demand continues to trend higher, motorists will likely see pump prices continue to increase through the end of the month.
At the close of Thursday’s formal trading session, WTI decreased by $3.26 to settle at $36.34. Domestic crude prices have decreased amid increased market concern that a second wave of the COVID-19 pandemic may emerge and could lead to another reduction in crude demand. Additionally, EIA’s weekly report showed that total domestic crude inventories grew by 5.7 million bbl last week, bringing the total to 538.1 million bbl. The increase in crude supplies also helped to push prices lower, since it signals that domestic crude production may need to reduce further in order to meet demand.
Largest Weekly Increases
- Since last Thursday, these 10 states have seen the largest increases in their averages: Missouri (+15 cents), Kansas (+15 cents), Colorado (+14 cents), Wisconsin (+14 cents), South Carolina (+14 cents), Texas (+13 cents), Montana (+13 cents), North Carolina (+13 cents), Tennessee (+12 cents) and Oklahoma (+12 cents).