Since Monday, the national average for a gallon of regular gasoline has declined by six cents to $3.82. According to new data from the Energy Information Administration (EIA), gas demand increased slightly from 8.28 million b/d to 8.68 million b/d last week, and total domestic gasoline stocks decreased marginally from 209.5 million bbl to 209.4 million bbl. Although gasoline demand is up slightly, it remains nearly 1 million bbl lower than mid-October 2021. Coupled with fluctuating oil prices, low demand has contributed to the national average moving downward. If demand continues to remain low, as oil prices slide, drivers should see pump prices come down through the weekend.
At the close of Thursday’s formal trading session, WTI increased by 43 cents to settle at $85.98. Although crude prices increased after the EIA reported that total domestic commercial crude inventories dropped by 1.7 million bbl to 437.4 million bbl last week, the price of oil declined earlier in the week due to ongoing market concerns about crude demand as fear of a recession has increased. If economic growth stalls or declines, crude demand is likely to follow suit alongside prices.
Largest Weekly Decreases
- Since last Friday, these 10 states have seen the largest decreases in their averages: California (−32 cents), Oregon (−27 cents), Alaska (−27 cents), Washington (−22 cents), Nevada (−20 cents), Wisconsin (−16 cents), Michigan (−15 cents), Indiana (−15 cents), Ohio (−13 cents) and Arizona (−10 cents).