Since Monday, the national average for a gallon of regular gasoline has increased by one cent to $2.39, which is two cents more than a week ago, 16 cents more than a month ago, and 15 cents less than a year ago. Pump prices have increased nominally this week, while gas demand increased substantially from 7.53 million b/d to 8.11 million b/d last week, according to new data from the Energy Information Administration (EIA). Total domestic gasoline supplies decreased by 300,000 bbl to 245.2 million bbl and total crude utilization across domestic refineries took a small step forward from 82 percent to 82.5 percent. All of these factors, including sustained higher crude prices, have contributed to higher pump prices for drivers and will likely lead to continued increases in pump prices in the weeks ahead.
At the close of Friday’s formal trading session, WTI decreased by 86 cents to settle at $52.36. Crude prices declined this week following growing market concern that crude demand may continue to suffer as coronavirus infections rise and travel restrictions, which are meant to curb transmission of the virus, reduce crude demand. Additionally, EIA’s latest weekly report revealed that total domestic crude inventories rose by 4.4 million bbl to 486.6 million bbl. The increase in crude inventories has also put downward pressure on crude prices.
Largest Weekly Increases
- Since last Friday, these 10 states have seen the largest increases in their averages: Florida (+10 cents), Utah (+8 cents), Nebraska (+5 cents), Idaho (+4 cents), Louisiana (+4 cents), Nevada (+4 cents), Connecticut (+4 cents), Hawaii (+4 cents), New Hampshire (+3 cents) and Illinois (+3 cents).