Since Monday, the national average for a gallon of regular gasoline has increased by 11 cents to $4.97. According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 800,000 bbl to 218.2 million bbl last week. Meanwhile, gasoline demand grew from 8.98 million b/d to 9.2 million b/d as drivers continue to fuel up for the summer driving season, typically a time when gas demand increases. This dynamic between decreased supply and increased demand is contributing to rising prices at the pump. This coupled with increasing crude oil prices means that the price of gas will likely remain elevated for the near future.
At the close of Wednesday’s formal trading session, WTI increased by $2.70 to settle at $122.11. Crude prices have surged this week in response to global supply concerns amid expected demand increases, particularly as China emerges from lockdowns that reduced crude demand. Crude prices have increased despite EIA reporting that total domestic stocks increased by 2.1 million bbl to 416.8 million bbl last week. As a result, the current storage level is approximately 12 percent lower than a year ago, contributing to rising crude prices.
Largest Weekly Increases
- Since last Thursday, these 10 states have seen the largest increases in their averages: Michigan (+41 cents), Delaware (+37 cents), Maryland (+36 cents), Colorado (+36 cents), Kansas (+34 cents), Indiana (+33 cents), West Virginia (+33 cents), Minnesota (+33 cents), Iowa (+32 cents) and Wisconsin (+31 cents).