Since Monday, the national average for a gallon of regular gasoline has increased by six cents to $3.28. According to new data from the Energy Information Administration, gas demand rose from 8.71 to 9.33 million b/d last week. However, the current rate is nearly 400,000 b/d lower than at the end of December 2021. Meanwhile, total domestic gasoline stocks fell by 3.1 million bbl to 223 million bbl. Tighter supply and higher gasoline demand are pushing pump prices higher. As demand remains robust and stocks remain tight, drivers could continue to see pump prices increase as the new year begins. 

At the close of Wednesday’s formal trading session, WTI decreased by $4.09 to settle at $72.84. Crude prices have declined this week amid ongoing global economic concerns due to rising COVID-19 cases in China. If oil demand drops, as the economy falters, crude prices will likely follow suit.

Largest Weekly Increases

• Since last Thursday, these 10 states have seen the largest increases in their averages: Ohio (+29 cents), Delaware (+29 cents), Maryland (+23 cents), Michigan (+21 cents), Wisconson (+20 cents), Colorado (+19 cents), Florida (+19 cents), Arkansas (+18 cents), Alabama (+17 cents) and North Carolina (+16 cents).