Since Monday, the national average for a gallon of regular gasoline has increased by four cents to $3.52. According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 1.3 million bbl to 247.1 million bbl last week. On the other hand, gasoline demand decreased from 9.13 million b/d to 8.57 million b/d. Typically, a decrease in gas demand during winter would put downward pressure on pump prices, but elevated crude prices continue to push pump prices higher. Pump prices will likely rise if crude prices continue to climb.
At the close of Thursday’s formal trading session, WTI decreased by $1.90 to settle at $91.76. Although crude prices slipped today due to increased market expectations that more oil could enter the global market if the U.S. and Iran complete a new nuclear agreement, and sanctions are lifted, the tension between Russia and Ukraine contributed to rising oil prices earlier in the week. Russia is a member of OPEC+, and any sanctions based on their actions toward Ukraine may cause it to withhold crude oil from the global market. Additionally, EIA reported that total domestic crude stocks increased by 1.1 million bbl last week to 411.5 million bbl. The current stock level is approximately 11 percent lower than mid-February 2021, contributing to pressure on domestic crude prices.
Largest Weekly Increases
- Since last Thursday, these 10 states have seen the largest increases in their averages: Minnesota (+10 cents), North Carolina (+9 cents), Maryland (+9 cents), New York (+8 cents), Alabama (+7 cents), South Carolina (+7 cents), Hawaii (+7 cents), Texas (+7 cents), New Hampshire (+7 cents) and Rhode Island (+6 cents).