Since Monday, the national average for a gallon of regular gasoline rose slightly then declined for two days to land back at $3.91. According to new data from the Energy Information Administration, gas demand decreased nationally from 9.47 million b/d to 8.28 million b/d last week, and total domestic gasoline stocks increased by 2 million bbl to 209.5 million bbl. Lower gasoline demand, amid increasing supply and fluctuating oil prices, has contributed to the national average moving downward. If demand continues to drop, as oil prices slide, drivers should see pump price increases slow and decreases grow through the weekend.
At the close of Wednesday’s formal trading session, WTI decreased by $2.08 to settle at $87.27. Crude prices have declined this 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. Additionally, ongoing COVID lockdowns in China have also contributed to concerns that oil demand may stumble and push prices lower.
Largest Weekly Decreases
- Since last Thursday, these 10 states have seen the largest decreases in their averages: California (−23 cents), Nevada (−21 cents), Wisconsin (−18 cents), Ohio (−7 cents), Michigan (−6 cents), Indiana (−6 cents), Oregon (−5 cents), Washington (−2 cents), Iowa (−2 cents) and Colorado (−2 cents).