Since Monday, the national average for a gallon of regular gasoline has decreased by four cents to $4.94. The Energy Information Administration will not release gasoline demand/supply and domestic oil inventory levels data this week due to “systems issues.” However, if gas demand continues its downward trend from the previous week, it may contribute to pump price decreases this week. Additionally, the falling cost of oil will likely contribute to pump price decreases.
At the close of Wednesday’s formal trading session, WTI decreased by $3.33 to settle at $106.19. Crude prices have dropped this week amid broad market concern regarding the potential for economic growth to slow or stall due to rising interest rates and inflation. A lower economic growth rate than expected could cause crude demand to decline, leading prices to follow suit.
Largest Weekly Decreases
- Since last Thursday, these 10 states have seen the largest decreases in their averages: Washington, D.C. (−15 cents), Florida (−12 cents), Indiana (−12 cents), Maryland (−11 cents), South Carolina (−11 cents), Wisconsin (−10 cents), Ohio (−9 cents), Michigan (−9 cents), Kentucky (−9 cents) and Texas (−9 cents).