Since Monday, the national average for a gallon of regular gasoline has dropped by a nickel to $3.72. According to new data from the Energy Information Administration (EIA), gas demand decreased from 9.01 million b/d to 8.74 million b/d last week. Meanwhile, total domestic gasoline stocks rose by nearly 2.2 million bbl to 207.9 million bbl. Increasing supply and falling gasoline demand have contributed to pushing pump prices lower. As demand remains low and stocks grow, drivers will likely continue to see pump prices decline ahead of Thanksgiving.
At the close of Wednesday’s formal trading session, WTI decreased by $1.33 to settle at $85.59. Crude prices dropped yesterday despite the EIA reporting that total domestic commercial crude stocks dramatically fell by 5.4 million bbl last week. Instead, prices declined because the market is concerned that oil demand could decrease due to growing economic concerns. If economic growth stalls or reverses course, crude demand will likely follow suit alongside prices.
Largest Weekly Decreases
- Since last Thursday, these 10 states have seen the largest decreases in their averages: Wisconsin (−24 cents), Michigan (−21 cents), Indiana (−18 cents), Illinois (−15 cents), Ohio (−15 cents), Delaware (−14 cents), Oregon (−11 cents), Texas (−10 cents), Oklahoma (−9 cents) and California (−8 cents).