Today’s AAA National Average $3.676

Price as of 4/20/24

National Average Rises As Crude Prices Reach Higher

National Average Rises As Crude Prices Reach Higher

February 10,2022

Since Monday, the national average for a gallon of regular gasoline has increased by three cents to $3.47. According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 1.6 million bbl to 248.4 million bbl last week. On the other hand, gasoline demand increased from 8.23 million b/d to 9.13 million b/d. A decrease in total stocks and an increase in demand have contributed to upward pressure on pump prices, but rising crude prices continue to play a dominant role in pushing pump prices higher. Pump prices will likely continue to follow suit as demand grows and stocks decrease if crude prices continue to climb.

At the close of Thursday’s formal trading session, WTI increased by 22 cents to settle at $89.88. The tension between Russia and Ukraine continues to contribute to rising oil prices. Russia is a member of OPEC+, and any sanctions based on their actions toward Ukraine may cause it to withhold crude oil from the global market. Additionally, EIA reported that total domestic crude stocks decreased by 4.7 million bbl last week to 410.4 million bbl. The current stock level is approximately 13 percent lower than at the beginning of February 2021, contributing to pressure on domestic crude prices.

Largest Weekly Increases

  • Since last Thursday, these 10 states have seen the largest increases in their averages: Delaware (+22 cents), New Mexico (+18 cents), Maryland (+14 cents), North Carolina (+14 cents), Tennessee (+13 cents), Virginia (+12 cents), New Jersey (+11 cents), Nebraska (+10 cents), Pennsylvania  (+10 cents) and Kentucky (+9 cents).