Since Monday, the national average for a gallon of regular gasoline has held steady at $3.41. According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 700,000 bbl to 212 million bbl last week. Gasoline demand also dropped slightly from 9.26 million b/d to 9.24 million b/d. The decrease in demand, alongside stocks, has helped to lower pump prices and minimize pump price increases. However, gasoline prices will likely remain elevated as long as oil prices are near $80 per barrel.
At the close of Thursday’s formal trading session, WTI increased by 65 cents to settle at $79.01 Crude prices have increased after EIA’s weekly report showed that total domestic crude supply decreased by 2.1 million bbl to 433 million bbl last week. However, crude prices declined earlier this week amid reports that President Biden asked the U.S. Federal Trade Commission (FTC) to probe if illegal conduct is causing the high prices of gasoline at the pump, citing evidence of anti-consumer behavior by oil and gas companies and declining operating costs. The request does not include a deadline or timeline for an investigation, but any action by the FTC is unlikely to yield immediate price relief for drivers.
Largest Weekly Changes
- Since last Thursday, these 10 states have seen the largest changes in their averages: Arizona (+8 cents), Florida (+7 cents), California (+5 cents), Michigan (−4 cents), Indiana (−4 cents), Ohio (−4 cents), Oklahoma (−3 cents), Texas (−3 cents), Delaware (−3 cents) and Washington, D.C. (−3 cents).