AAA Gas Prices reported that since Monday, the national average for a gallon of regular gasoline fell nine cents to $3.18 dollars, the price at which it is trading today.
This coincides with the arrival of the winter driving season, which is when fewer people hit the road due to less daylight and inclement weather.
According to the Energy Information Administration (EIA), gas demand decreased slightly from 8.36 to 8.28 million barrels per day last week.
On the other hand, total national gasoline stocks increased significantly in 4.5 million barrels (bbl) to 223.6 million bbl.
AAA indicates that the increase in supply and the lower demand for gasoline are pushing down the prices of pumps: “As the demand continues to be low and As stocks grow, drivers will likely continue to see pump prices drop over the next week.”
States with the largest decreases since last Thursday:
– Montana, −19 cents
– Nevada, −19 cents– Vermont, −19 cents– Indiana, −18 cents– Connecticut, −19 cents
– Washington, − cents
– Ohio, − cents
At the close of the formal trading session on Wednesday, WTI was up $1.77 to be located in $28.26. Crude prices rose this week on a weaker dollar and increased market optimism after new data showed inflation rose at its slowest pace since December 2021.
The EIA reported that total domestic crude oil commercial stocks increased substantially by .2 million bbl at 223.1 million bbl last week.
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