Since Monday, the national average for a gallon of regular gasoline has declined by seven cents to $3.47. According to new data from the Energy Information Administration (EIA), gas demand held steady at 3.2 million b/d last week. Meanwhile, total domestic gasoline stocks rose by nearly 2.8 million bbl to 213.8 million bbl. Increasing supply and steady gasoline demand have contributed to 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 $2.35 to settle at $80.55. Crude prices have surged this week due to a weaker dollar. Additionally, crude prices were boosted by the EIA reporting that total domestic commercial crude stocks fell dramatically by 12.6 million bbl last week. The domestic commercial crude supply is 14 million bbl lower than at the end of November 2021.
Largest Weekly Decreases
- Since last Thursday, these 10 states have seen the largest decreases in their averages: California (−21 cents), Oregon (−20 cents), Indiana (−19 cents), North Dakota (−17 cents), Alaska (−17 cents), Illinois (−16 cents), Oklahoma (−16 cents), Washington (−16 cents), Michigan (−15 cents) and Wisconsin (−15 cents).