Since Monday, the national average for a gallon of regular gasoline has increased by a penny to $3.15. In its latest weekly report, the Energy Information Administration (EIA) reported that gas demand decreased from an all-time high of 10.04 million b/d to 9.28 million b/d last week. The decrease, alongside a 1 million bbl increase in total domestic gasoline stocks to 236.5 million, has helped to slow pump price increases. However, with oil prices above $70 per barrel, pump prices will likely remain high (above $3 per gallon) throughout the busy summer driving season.
At the close of Thursday’s formal trading session, WTI decreased by $1.48 to settle at $71.65. Crude prices have fluctuated following news of a potential OPEC agreement on production increases this summer. The deal, if it comes to fruition, could help lower pump prices. The decline in crude prices occurred despite EIA’s weekly report revealing that total domestic crude inventories decreased by 7.9 million bbl to 437.6 million bbl last week.
Largest Weekly Increases
- Since last Thursday, these 10 states have seen the largest increases in their averages: Utah (+10 cents), Idaho (+8 cents), Wyoming (+7 cents), North Dakota (+6 cents), Kansas (+6 cents), Illinois (+5 cents), Nevada (+5 cents), Wisconsin (+4 cents), Louisiana (+4 cents) and Montana (+4 cents).