Since Monday, the national average for a gallon of regular gasoline has increased by seven cents to $3.37. According to new data from the Energy Information Administration, gas demand rose from 7.56 to 8.05 million b/d last week. Despite the messy West Coast weather, a mild winter elsewhere in the nation may have led to more drivers getting behind the wheel. Meanwhile, total domestic gasoline stocks increased by 3.5 million bbl to 230.3 million bbl. Rising gas demand has 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 decreased by 70 cents to settle at $79.48. Crude prices took a slight step back due to lingering economic concerns that a recession could occur this year. If economic growth stalls or reverses course, oil demand will likely decline, and prices will follow suit.
Largest Weekly Increases
- Since last Thursday, these 10 states have seen the largest increases in their averages: Colorado (+34 cents), Georgia (+23 cents), Ohio (+20 cents), New Mexico (+20 cents), West Virginia (+20 cents), Missouri (+17 cents), Indiana (+17 cents), Kentucky (+16 cents), South Carolina (+15 cents) and North Carolina (+15 cents).