Since Monday, the national average for a gallon of regular gasoline has increased by a penny to $3.77. According to new data from the Energy Information Administration (EIA), gas demand dipped slightly from 8.93 million b/d to 8.66 million b/d last week, and total domestic gasoline stocks decreased by 1.3 million bbl to 206.6 million bbl. Tighter supply and fluctuating oil prices have put upward pressure on gasoline prices. Pump prices could continue to increase if supply remains tight alongside rising oil prices.
At the close of Wednesday’s formal trading session, WTI increased by $1.63 to settle at $90. Crude prices rose yesterday after the EIA reported that total domestic crude stocks declined by 3.1 million bbl last week. However, the price of oil faced strong headwinds earlier this week as ongoing market concerns regarding the likelihood of a recession increase. If economic growth stalls or reverses course, crude demand is likely to follow suit alongside prices.
Largest Weekly Changes
- Since last Thursday, these 10 states have seen the largest changes in their averages: Rhode Island (+26 cents), Maine (+24 cents), Connecticut (+22 cents), New Hampshire (+21 cents), New Jersey (+20 cents), Massachusetts (+19 cents), Ohio (+18 cents), Alaska (−18 cents), Delaware (+17 cents) and California (−16 cents).