Since Monday, the national average for a gallon of regular gasoline has fallen by three cents to $3.76. According to new data from the Energy Information Administration, gas demand rose slightly from 8.68 million b/d to 8.93 million b/d last week, and total domestic gasoline stocks decreased from 209.4 million bbl to 207.9 million bbl. Although gasoline demand is up slightly, it remains nearly 400,000 bbl lower than this same time last year. Fluctuating oil prices and low demand are contributing to the national average moving downward. If demand remains low, as oil prices slide, drivers should see pump prices come down through the weekend.
At the close of Wednesday’s formal trading session, WTI increased by $2.59 to settle at $87.91. A lower dollar has helped to push crude prices up this week; however, the price of oil declined earlier in the week due to ongoing market concerns regarding the likelihood of a recession occurring. If economic growth stalls or declines, crude demand is likely to follow suit alongside prices.
Largest Weekly Decreases
- Since last Thursday, these 10 states have seen the largest decreases in their averages: Alaska (−33 cents), California (−24 cents), Oregon (−19 cents), Washington (−19 cents), Indiana (−14 cents), Nevada (−13 cents), Michigan (−13 cents), Wisconsin (−12 cents), New Mexico (−10 cents) and Illinois (−10 cents).