Since Monday, the national average for a gallon of regular gasoline has increased by a penny to $2.18, which is one cent more than a week ago, one cent less than a month ago and 42 cents lower than a year ago. According to the new weekly report from the Energy Information Administration (EIA), gas demand decreased slightly from 8.9 million b/d to 8.6 million b/d. Last week’s estimated rate is 1 million b/d lower than last year’s rate in mid-August. Lower demand has helped to keep pump prices stable, while total domestic gasoline stocks fell by 3.3 million bbl to 243.8 million bbl. If demand remains low amid tighter stock levels, motorists will likely see moderate fluctuations in pump prices.
At the close of Thursday’s formal trading session, WTI decreased by 35 cents to settle at $42.58. Domestic crude prices decreased despite EIA’s weekly report revealed that total domestic inventories decreased by 1.6 million bbl last week, lowering total stocks to 512.5 million bbl. So far, the minimal increases in crude prices have not had a noticeable impact on pump prices, but if prices stay above $45 per barrel for a prolonged period of time, consumers could see gas prices at their local stations increase.
Largest Weekly Increases
- Since last Thursday, these 10 states have seen the largest increases in their averages: Indiana (+5 cents), North Carolina (+4 cents), California (+3 cents), Ohio (+3 cents), Iowa (+2 cents), Georgia (+2 cents), Illinois (+2 cents), Virginia (+2 cents), Wisconsin (+2 cents) and Washington, D.C. (+2 cents).