Since Monday, the national average for a gallon of regular gasoline has increased by two cents to $1.99, which is three cents higher than a week ago, 21 cents more than a month ago and 81 cents less than a year ago. According to new data from the Energy Information Administration, demand grew slightly from 7.3 million b/d to 7.5 million b/d last week. The increase in demand has occurred alongside an increase in the national average. If this trend continues, motorists will likely see pump prices continue to move higher. Additionally, pump prices along the Louisiana coastline could be impacted this weekend by Tropical Depression Cristobal, depending on the path of the storm and its impact on gasoline distribution and refineries.
At the close of Thursday’s formal trading session, WTI increased by 12 cents to $37.41 per barrel. Domestic crude prices have been volatile as the market awaits a potential announcement from the Organization of the Petroleum Exporting Countries (OPEC) on additional steps to reduce crude production amid the COVID-19 pandemic, which has lowered global crude demand. OPEC and other large crude producers, including Russia, are implementing a 9.7 million b/d crude production reduction agreement for May and June 2020, but the future of the agreement is uncertain. As market uncertainty over the agreement increases, crude prices will likely remain volatile.
Largest Weekly Increases
- Since last Thursday, these 10 states have seen the largest increases in their averages: Colorado (+12 cents), Alaska (+8 cents), Idaho (+7 cents), Montana (+7 cents), Wyoming (+5 cents), Indiana (+5 cents), Nevada (+5 cents), Utah (+4 cents), South Dakota (+4 cents) and California (+4 cents).