Since Monday, the national average for a gallon of regular gasoline has increased by a penny to $3.16. In its latest weekly report, the Energy Information Administration (EIA) reported that gas demand increased nominally from 9.30 million b/d to 9.33 million b/d last week. Additionally, total domestic gas stocks declined by 2.3 million bbl to 234.2 million bbl. These trends have helped to stabilize price increases; however, crude oil prices continue to remain above $70 per barrel. As crude prices remain high, AAA expects the national average to remain above $3 per gallon throughout the summer.
At the close of Thursday’s formal trading session, WTI increased by $1.23 to settle at $73.62. A weaker dollar has helped to push prices up today, while market concerns surrounding demand recovery continue to grow. Crude prices were also bolstered after EIA’s latest report showed that total domestic crude stocks declined by 4.1 million bbl to 435.6 million bbl last week.
Largest Weekly Changes
- Since last Thursday, these 10 states have seen the largest changes in their averages: Delaware (+8 cents), Idaho (+7 cents), Nevada (+6 cents), Maryland (+6 cents), Wyoming (+6 cents), Ohio (−6 cents), Illinois (+4 cents), Wisconsin (+3 cents), Montana (+3 cents) and Michigan (−3 cents).