Since Monday, the national average for a gallon of regular gasoline has fallen by eight cents to $3.32. According to new data from the Energy Information Administration (EIA), gas demand remained low at 8.36 million b/d last week. The current rate is approximately 605,000 b/d lower than the rate at this time last year. Meanwhile, total domestic gasoline stocks rose significantly by 5.3 million bbl to 219.1 million bbl. Increasing supply and lower gasoline demand is pushing pump prices lower. As demand remains low and stocks grow, drivers will likely continue to see pump prices decrease through next week.
At the close of Wednesday’s formal trading session, WTI decreased by $2.24 to settle at $72.01. Crude prices have softened this week due to a stronger dollar. Additionally, crude prices were pushed down after the EIA reported that total domestic commercial crude stocks fell 5.2 million bbl last week, a lower amount than the market expected. The domestic commercial crude supply is 19 million bbl lower than the beginning of December 2021.
Largest Weekly Decreases
- Since last Thursday, these 10 states have seen the largest decreases in their averages: California (−28 cents), Nevada (−25 cents), Oregon (−25 cents), Alaska (−25 cents), Washington (−24 cents), Arizona (−23 cents), Montana (−22 cents), Michigan (−21 cents), Indiana (−20 cents) and Wisconsin (−19 cents).