Since Monday, the national average for a gallon of regular gasoline has increased by three cents to $1.81, which is four cents higher than a week ago, 10 cents lower than a month ago, and $1.07 lower than a year ago. The Energy Information Administration released new data that showed demand for gasoline increased by 800,000 b/d to 6.7 million b/d last week, which is 3.2 million b/d less than last year at this time. The boost in demand continues to push pump prices up around the country, as more states re-open businesses. Gas demand is expected to continue to grow, leading pump prices to continue their increase through the weekend.
At the close of Thursday’s formal trading session, WTI decreased by 44 cents to settle at $23.55 per barrel. Although crude prices took a slight backstep today, they have gained some steam this week, as the market continues to believe that crude demand will increase as more states re-open businesses. However, global crude demand is expected to remain low due to COVID-19, tempering price increases.
Largest Weekly Increases
- Since last Thursday, these 10 states have seen the largest increases in their averages: Wisconsin (+33 cents), Ohio (+26 cents), Michigan (+25 cents), Indiana (+22 cents), Illinois (+18 cents), Iowa (+15 cents), Kentucky (+10 cents), Minnesota (+10 cents), Oklahoma (+5 cents) and West Virginia (+4 cents).