The national average for a gallon of gas squeaked out a two-cent gain since last week to $3.09. A likely culprit could be wintery weather, which hampers refining operations and gasoline distribution. This has resulted in some frigid regions seeing pump price jumps.
“If June and July are when we typically see the highest gas prices, then December and January are when we see the lows. And this pattern is holding firm,” said Andrew Gross, AAA spokesperson. “The national average for gas will probably maintain this slow shuffle higher for the next week or two.”
According to new data from the Energy Information Administration (EIA), gas demand remains robust after it took a slight step back from 8.33 to 8.27 million b/d last week. Meanwhile, total domestic gasoline stocks increased by 3.1 million bbl to 248.1 million bbl. Fluctuating oil prices, alongside robust demand, have pushed pump prices up, but price gains have been capped due to rising stock levels. If oil prices continue to see upward pressure, drivers could see pump prices increase steadily in the weeks ahead.
Today’s national average of $3.09 is three cents more than a month ago but 26 cents less than a year ago.
Quick Stats
- Since last Thursday, these 10 states have seen the largest changes in their averages: Ohio (+23 cents), Illinois (+18 cents), Indiana (+16 cents), Michigan (+10 cents), Florida (−9 cents), California (−9 cents), Arizona (−9 cents), Wisconsin (+8 cents), Kentucky (+7 cents) and Idaho (−7 cents).
- The nation’s top 10 least expensive markets: Oklahoma ($2.60), Kansas ($2.64), Arkansas ($2.64), Missouri ($2.66), Mississippi ($2.67), Texas ($2.68), Colorado ($2.70), Wyoming ($2.71), Tennessee ($2.71) and Iowa ($2.73).
Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI increased by 16 cents to settle at $72.56. Oil prices rose yesterday after supply outages due to winter storms caused market concern about tight supply to meet demand. Additionally, the EIA reported that total domestic commercial crude stocks decreased by 2.5 million bbl to 429.9 million bbl.
Like Newport Buzz? We depend on the generosity of readers like you who support us, to help with our mission to keep you informed and entertained with local, independent news and content. We truly appreciate your trust and support!
