Since Monday, the national average for a gallon of regular gasoline has increased by nine cents to $4.71. According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 700,000 bbl to 219 million bbl last week. Meanwhile, gasoline demand grew from 8.8 million b/d to 8.98 million b/d as drivers fueled up for Memorial Day weekend travel. These supply and demand dynamics have contributed to rising pump prices. Coupled with volatile crude oil prices, pump prices will likely remain elevated as long as demand grows and supply remains tight. 

At the close of Wednesday’s formal trading session, WTI increased by 59 cents to settle at $115.26. Crude prices have increased amid supply concerns from the market as the European Union works to implement a 90 percent ban on Russian oil imports by the end of this year. Crude prices were also boosted by increased demand expectations from the market after China lifted COVID-19 restrictions in Shanghai. Additionally, EIA reported that total domestic stocks decreased by 5.1 million bbl to 414.7 million bbl last week. As a result, the current storage level is approximately 13.5 percent lower than a year ago, contributing to rising crude prices. 

Largest Weekly Increases

• Since last Thursday, these 10 states have seen the largest increases in their averages: Indiana (+33 cents), Ohio (+31 cents), Illinois (+30 cents), Kentucky (+26 cents), Wisconsin (+26 cents), Michigan (+24 cents), Colorado (+21 cents), New Mexico (+19 cents), Nebraska (+18 cents) and Minnesota (+18 cents).