Since Monday, the national average for a gallon of regular gasoline has increased by four cents to $2.17, which is six cents higher than a week ago, 21 cents more than a month ago and 50 cents less than a year ago. According to new data from the Energy Information Administration (EIA), gas demand is estimated to have increased significantly from 7.87 million b/d to 8.61 million b/d last week. The increase in demand has helped to lift pump prices. If demand continues to trend higher, motorists will likely see pump prices continue to increase through early July.
At the close of Thursday’s formal trading session, WTI increased by 71 cents to settle at $38.72. Although crude prices increased today in reaction to increasing economic stimulus measures by governments around the world, prices pushed cheaper earlier in the week due to an increase in new coronavirus infections worldwide, which could suppress crude demand. Additionally, EIA’s weekly report showed that total domestic crude inventories grew again by 1.4 million bbl last week, bringing the total to 540.7 million bbl. The current level is 71.1 million bbl higher than last year at this time. The increase in crude supplies could push prices lower, since it signals that domestic crude production may need to reduce further in order to meet current demand.
Largest Weekly Increases
- Since last Thursday, these 10 states have seen the largest increases in their averages: West Virginia (+13 cents), Kentucky (+12 cents), Ohio (+10 cents), Wisconsin (+10 cents), Colorado (+10 cents), Pennsylvania (+9 cents), Michigan (+9 cents), Delaware (+8 cents), North Carolina (+8 cents) and Virginia (+8 cents).