Since Monday, the national average for a gallon of regular gasoline has fallen by seven cents to $3.19. According to new data from the Energy Information Administration (EIA), gas demand decreased slightly from 8.36 to 8.26 million b/d last week. This coincides with the arrival of the winter driving season when fewer people hit the roads due to less daylight and more inclement weather. Meanwhile, total domestic gasoline stocks rose significantly by 4.5 million bbl to 223.6 million bbl. Increasing supply and lower gasoline demand are pushing pump prices lower. As demand remains low and stocks grow, drivers will likely continue to see pump prices decrease through next week.
At the close of Wednesday’s formal trading session, WTI increased by $1.89 to settle at $77.28. Crude prices have increased this week due to a weaker dollar and higher market optimism after new data showed that inflation rose at its slowest rate since December 2021. Additionally, the EIA reported that total domestic commercial crude stocks expanded substantially by 10.2 million bbl to 424.1 million bbl last week.
Largest Weekly Decreases
- Since last Thursday, these 10 states have seen the largest decreases in their averages: Montana (−23 cents), Nevada (−20 cents), Vermont (−19 cents), Indiana (−19 cents), Connecticut (−18 cents), Michigan (−18 cents), California (−18 cents), Oregon (−17 cents), Washington (−17 cents) and Ohio (−17 cents).