Since Monday, the national average for a gallon of regular gasoline has held steady at $2.17, which is one cent less than a week ago, two cents less than a month ago and 47 cents lower than a year ago. In the new weekly report from the Energy Information Administration (EIA), gas demand increased slightly from 8.6 million b/d to 8.8 million b/d. However, last week’s estimated rate is 1 million b/d lower than last year’s rate in early August. Lower demand has helped to keep pump prices stable, as total domestic gasoline stocks are also holding steady at 247.1 million bbl. If demand remains low amid consistent stock levels, motorists will likely see stable pump prices in the weeks ahead.
At the close of Thursday’s formal trading session, WTI decreased by 43 cents to settle at $42.24. Crude prices ended lower today after the International Energy Agency reduced its outlook for 2020 global oil demand to 91.9 million b/d from 92.1 million b/d. Additionally, domestic crude prices have been impacted this week by EIA’s weekly report, which revealed that total domestic inventories decreased by 4.5 million bbl last week, lowering total stocks to 514.1 million bbl. So far, the minimal fluctuations in crude prices have not had a noticeable impact on pump prices, but if prices increased to $45 per barrel for a prolonged period of time, consumers could see gas prices at their local stations increase.
Largest Weekly Decreases
- Since last Thursday, these 10 states have seen the largest decreases in their averages: Indiana (-4 cents), Florida (-4 cents), Illinois (-3 cents), Michigan (-3 cents), Ohio (-2 cents), Colorado (-2 cents), West Virginia (-2 cents), Georgia (-2 cents), Maryland (-2 cents) and Delaware (-1 cent).