Since Monday, the national average for a gallon of regular gasoline has increased by eight cents to $3.50. According to new data from the Energy Information Administration, gas demand rose slightly from 8.05 to 8.14 million b/d last week. Although winter storms at the end of 2022 have contributed to tighter supply, the mild winter this month may have led to more drivers getting behind the wheel, pushing pump prices higher. Meanwhile, total domestic gasoline stocks increased by 1.7 million bbl to 232 million bbl. Rising gas demand and elevated oil prices have contributed to higher pump prices. If demand remains robust, drivers will likely see pump prices increase through the weekend.
At the close of Wednesday’s formal trading session, WTI increased by two cents to settle at $80.15. Crude prices have risen slightly this week due to a falling dollar. Additionally, the cost of oil has been bolstered this week amid ongoing market optimism that global oil demand will be more robust than anticipated in 2023 due to China re-opening its economy after imposing strict COVID-19 lockdowns that curtailed demand.
Largest Weekly Increases
- Since last Thursday, these 10 states have seen the largest increases in their averages: Colorado (+25 cents), Delaware (+22 cents), Michigan (+19 cents), Alabama (+19 cents), Louisiana (+18 cents), Florida (+18 cents), Tennessee (+18 cents), Georgia (+18 cents), Mississippi (+18 cents) and Kansas (+17 cents).