Since Monday, the national average for a gallon of regular gasoline has decreased by two cents to $3.15. In its latest weekly report, the Energy Information Administration (EIA) reported that gas demand only grew from 9.28 million b/d to 9.30 million b/d last week. Additionally, total domestic gas stocks saw a slight decline to 236.4 million bbl. These trends have helped to stabilize price increases; however, crude oil prices have fluctuated in the past week and if they stay less expensive, it could mean cheaper prices ahead. Though, AAA expects the national average to remain above $3 per gallon throughout the summer.
At the close of Thursday’s formal trading session, WTI increased by $1.61 to settle at $71.91. Earlier this week, crude prices tumbled to $66 per barrel due to market concerns that the spread of the COVID-19 delta variant will slow potential economic growth. However, market concern about the ongoing pandemic has reversed, helping to push crude prices higher. Prices have increased despite EIA reporting that total domestic crude inventories rose by 2.1 million bbl to 439.7 million bbl last week and plans by the Organization of the Petroleum Exporting Country to increase production next month.
Largest Weekly Changes
- Since last Thursday, these 10 states have seen the largest changes in their averages: Utah (+8 cents), Nevada (+8 cents), Idaho (+8 cents), Michigan (+7 cents), Ohio (+6 cents), Indiana (-5 cents), Indiana (+4 cents), Washington, D.C. (-4 cents), South Carolina (+3 cents) and Georgia (+3 cents).