Since Monday, the national average for a gallon of regular gasoline has increased by two cents to $4.14. According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 1.6 million bbl to 230.8 million bbl last week. Gasoline demand decreased slightly from 8.87 million b/d to 8.74 million b/d. Although lower gas demand would typically push pump prices lower, the fluctuating oil price and tight gasoline supply have pushed pump prices higher. Pump prices will likely face upward pressure as oil prices remain above $100 per barrel.
At the close of Wednesday’s formal trading session, WTI increased by 32 cents to settle at $102.02. While EIA’s weekly report showed that total domestic crude inventories rose by 700,000 bbl to 414.4 million bbl last week, crude prices have increased because the current level is approximately 16 percent lower than at the end of April 2021. As supply remains tight and the market remains highly volatile, crude prices will likely continue to fluctuate, pushing pump prices higher.
Largest Weekly Increases
- Since last Thursday, these 10 states have seen the largest increases in their averages: Delaware (+22 cents), Maryland (+16 cents), Ohio (+12 cents), Indiana (+10 cents), Michigan (+7 cents), Florida (+6 cents), New Jersey (+6 cents), Connecticut (+6 cents), Vermont (+5 cents) and Pennsylvania (+4 cents).