Since Monday, the national average for a gallon of regular gasoline has stayed flat at $3.80. According to new data from the Energy Information Administration (EIA), gas demand increased from 8.66 million b/d to 9.01 million b/d last week. Total domestic gasoline stocks decreased by nearly 1 million bbl million to 205.7 million bbl. Tighter supply and robust gasoline demand would typically push pump prices higher; however, fluctuating oil prices have limited price increases. Pump price increases could continue to be limited if oil prices continue to decline.
At the close of Wednesday’s formal trading session, WTI decreased by $3.08 to settle at $85.83. Crude prices dropped yesterday after the EIA reported that total domestic commercial crude stocks increased dramatically by 4 million bbl last week. The inventory rise could mean that demand is falling due to growing economic concerns in the market. If economic growth stalls or reverses course, crude demand will likely to follow suit alongside prices.
Largest Weekly Increases
- Since last Thursday, these 10 states have seen the largest increases in their averages: Florida (+14 cents), Delaware (+11 cents), Indiana (+10 cents), Pennsylvania (+10 cents), New Jersey (+9 cents), Massachusetts (+9 cents), New Hampshire (+9 cents), Connecticut (+9 cents), New York (+7 cents) and South Carolina (+7 cents).