Since Monday, the national average for a gallon of regular gasoline has increased by a penny to $2.11, which is three cents higher than a week ago, 24 cents more than a month ago and 56 cents less than a year ago. According to new data from the Energy Information Administration, gas demand decreased slightly last week, moving from 7.90 million b/d to 7.87 million b/d. As demand decreases, alongside healthy domestic gasoline stock levels at 257 million bbl, slower pump price increases will likely continue through the end of the month.
At the close of Thursday’s formal trading session, WTI increased by 88 cents to settle at $38.84. Domestic crude prices have increased amid greater market focus on compliance with the production reduction agreement between the Organization of the Exporting Countries (OPEC) and its partners, including Russia, which has worked to cut global crude production by 9.7 million b/d since May 1, 2020. It remains unclear if OPEC’s agreement will extend into August; it is currently set to expire at the end of July.
Largest Weekly Increases
- Since last Thursday, these 10 states have seen the largest increases in their averages: Montana (+9 cents), Alaska (+7 cents), Colorado (+6 cents), Delaware (+6 cents), Georgia (+6 cents), Ohio (+6 cents), North Dakota (+5 cents), California (+5 cents), South Dakota (+5 cents) and Mississippi (+4 cents).