Since Monday, the national average for a gallon of regular gasoline has decreased by a penny to $3.41. According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 1.6 million bbl to 212.7 million bbl last week. Gasoline demand also dropped from 9.5 million b/d to 9.26 million b/d. The decrease in demand has contributed to some price relief at the pump for drivers. However, pump prices will likely remain elevated as long as oil prices are above $80 per barrel.
At the close of Thursday’s formal trading session, WTI increased by 25 cents to settle at $81.59. Although crude prices reversed course today due to fluctuations in the market, crude prices declined earlier this week as inflation fears weigh on the market. Additionally, after the EIA reported that total domestic crude supply increased by 1 million bbl to 435.1 million bbl last week, prices also fell. However, according to EIA’s data, the total domestic crude supply is still down 11 percent compared to the previous year at this time, putting elevated price pressure on crude.
Largest Weekly Changes
- Since last Thursday, these 10 states have seen the largest changes in their averages: Michigan (+11 cents), Arizona (+8 cents), California (+3 cents), Illinois (−3 cents), Missouri (−3 cents), Pennsylvania (+2 cents), Washington, D.C. (+2 cents), South Carolina (−2 cents), Florida (−2 cents) and Massachusetts (+1 cent).