Since Monday, the national average for a gallon of regular gasoline has dipped by a penny to $3.49. According to new data from the Energy Information Administration (EIA), gas demand rose from 8.14 to 8.49 million b/d last week. Meanwhile, total domestic gasoline stocks increased by 2.6 million bbl to 234.6 million bbl. Despite rising gas demand and recently elevated oil prices, the growth in total supply has helped to limit pump price increases. If demand does not spike, drivers could continue to see pump prices drift lower through the weekend.
At the close of Wednesday’s formal trading session, WTI decreased by $2.46 to settle at $76.41. Crude prices fell yesterday after the U.S. Federal Reserve increased interest rates and signaled that more increases are likely. As a result, the market believes oil demand could be less than expected this year, pulling prices down. Additionally, crude prices declined after EIA reported that total commercial stocks increased by 4.2 million bbl to 452.7 million bbl last week.
Largest Weekly Changes
- Since last Thursday, these 10 states have seen the largest changes in their averages: Utah (+16 cents), Colorado (+13 cents), Delaware (−12 cents), Idaho (+9 cents), Indiana (−7 cents), California (+6 cents), Ohio (−5 cents), Florida (−5 cents), Maryland (−5 cents) and Michigan (−5 cents).