Since Monday, the national average for a gallon of regular gasoline has increased by three cents to $2.49, which is five cents more than a week ago, 18 cents more than a month ago, and seven cents more than a year ago. Increasing pump prices have been supported by higher crude oil prices and gas demand, which grew slightly last week from 7.78 million b/d to 7.86 million b/d, according to new data from the Energy Information Administration (EIA). Pump prices continue to rise despite the overall sustained lower demand numbers and EIA’s latest report showing that total domestic gas stocks grew by 4.3 million bbl to 256.4 million bbl. Based on current trends, drivers will likely see pump prices continue to increase ahead of spring.

At the close of Thursday’s formal trading session, WTI decreased by 44 cents to settle at $58.24. Although market concern regarding crude demand pushed prices lower today, crude prices have increased this week, reaching the highest daily settlement price since January 2020 on Wednesday at $58.68. The price increase occurred after EIA’s weekly report revealed that total domestic crude inventories decreased by 6.6 million bbl to 469 million bbl, while total refinery crude utilization increased slightly from 82.3% to 83% last week.  Crude and pump prices are likely to continue to move higher as crude inventories continue to drop and utilization increases.

Largest Weekly Increases

• Since last Thursday, these 10 states have seen the largest increases in their averages: West Virginia (+11 cents), New Mexico (+10 cents), Missouri (+9 cents), Indiana (+8 cents), Wisconsin (+8 cents), Michigan (+7 cents), New Jersey (+7 cents), Illinois (+7 cents), Iowa (+7 cents) and Kansas (+7 cents).