Today’s AAA National Average $2.199

Price as of 7/13/20

National Average Holds Steady Post-Memorial Day

National Average Holds Steady Post-Memorial Day

May 28,2020

Since Monday, the national average for a gallon of regular gasoline has held steady at $1.96, which is four cents higher than a week ago, 20 cents more than a month ago and 86 cents less than a year ago. According to new data from the Energy Information Administration (EIA), demand grew from 6.8 million b/d to 7.3 million b/d last week. The increase in demand was coupled with a 700,000 bbl decrease in total domestic stocks to 255 million bbl. The national average holding steady means that gas demand and supply are largely in sync, which will likely help to stabilize pump prices for motorists.

At the close of Thursday’s formal trading session, WTI increased by 90 cents to settle at $33.71. Crude prices spiked at the end of the day amid increased market focus on rising demand. However, earlier today, domestic crude prices fell after EIA’s weekly report revealed that total domestic crude inventories increased by 7.9 million bbl to 534.4 million bbl last week. The large increase may be a sign that domestic oil demand could be slowing during a time when it typically grows because of more motorists driving. If domestic crude demand begins to flatten or decrease, crude prices could decrease.

Largest Weekly Increases

  • Since last Thursday, these 10 states have seen the largest increases in their averages: Colorado (+15 cents), Alaska (+11 cents), Idaho (+10 cents), Michigan (+9 cents), South Dakota (+8 cents), Arizona (+7 cents), Utah (+7 cents), New Mexico (+6 cents), Oklahoma (+6 cents) and North Dakota (+6 cents).