AAA Report on Gasoline Prices

The national average for a gallon of regular gasoline went up 8 cents since last week to $4.16. The last time the national average reached that price was in early August of 2022. Crude oil prices remain high, even as they’ve fluctuated in recent days following the announcement of a 2-week ceasefire between the U.S. and Iran. The price for a barrel of crude dropped below $100 but then rose again, highlighting the volatility of oil markets and fluidity of geopolitical events. 

Today’s National Average: $4.166 

One Week Ago: $4.081 

One Month Ago: $3.478 

One Year Ago: $3.235 

According to new data from the Energy Information Administration (EIA), gasoline demand decreased last week from 8.68 million b/d to 8.56 million. Total domestic gasoline supply decreased from 240.9 million barrels to 239.3 million. Gasoline production decreased last week, averaging 9.4 million barrels per day. 

Oil Market Dynamics 

At the close of Wednesday’s formal trading session, WTI fell $18.54 to settle at $94.41 a barrel. The EIA reports crude oil inventories increased by 3.1 million barrels from the previous week. At 464.7 million barrels, U.S. crude oil inventories are about 2% above the five-year average for this time of year.