Since Monday, the national average for a gallon of regular gasoline has decreased by a penny to $3.18. In its latest weekly report, the Energy Information Administration (EIA) reported that gas demand dropped from 9.78 million b/d to 9.43 million b/d last week. Last week’s demand measurement is 500,000 b/d lower than the rate at this time in 2019, signaling that summer gas demand is likely softening as the school year starts, in addition to COVID concerns. Additionally, total domestic gas stocks declined by 1.3 million bbl to 227.5 million bbl. The drop in demand has helped to minimize pump price increases, but elevated crude prices continue to keep summer pump prices high. As crude prices remain high, though back below $70/bbl, AAA expects the national average to remain above $3 per gallon throughout the summer.

At the close of Thursday’s formal trading session, WTI decreased by 16 cents to settle at $69.09. Crude prices have declined slightly this week due to market concerns that crude demand may not rebound this year as anticipated due to surging coronavirus infection rates across the globe. Price decreases have occurred despite EIA’s latest report showing that total domestic crude stocks decreased nominally to 438.8 million bbl last week.

Largest Weekly Changes

• Since last Thursday, these 10 states have seen the largest changes in their averages: Michigan (−4 cents), Delaware (−4 cents), Maryland (−4 cents), Alaska (+3 cents), Kentucky (−3 cents), Wyoming (+2 cents), Colorado (+2 cents), Illinois (−2 cents), Ohio (−2 cents) and Indiana (−2 cents).