Since Monday, the national average for a gallon of regular gasoline has increased by four cents to $2.94. According to new data from the Energy Information Administration (EIA), total domestic refinery utilization increased to 86.5 percent last week amid a slight drop in demand from 8.88 million b/d to 8.86 million b/d. The demand decrease helped to limit price increases, but American drivers should expect continued price fluctuations at the pump in the lead up to Memorial Day Weekend.
At the close of Thursday’s formal trading session, WTI decreased by 92 cents to settle at $64.71. Crude prices have increased this week, but continuing market concern that crude demand will stumble due to surging coronavirus infection rates around the globe have limited price gains. Additionally, prices increased after EIA’s weekly report revealed that total domestic crude oil inventory dropped by 8 million bbl to 485.1 million bbl. If total supply decreases again next week, crude prices could climb alongside pump prices.
Largest Weekly Increases
- Since last Thursday, these 10 states have seen the largest increases in their averages: Michigan (+16 cents), Florida (+9 cents), Alaska (+9 cents cents), Kentucky (+9 cents), Wisconsin (+8 cents), Utah (+8 cents), Delaware (+8 cents), Oregon (+7 cents), Washington (+7 cents) and West Virginia (+6 cents).