Gas Prices Not Budging Much as Crude Oil Remain High

The national average for a gallon of regular gasoline is down a couple of cents from last week at $4.33. Gas prices aren’t budging much as crude oil prices remain high, once again nearing $100 per barrel. The national average has stayed above $4 per gallon since late July and is currently more than a dollar higher than it was this time last year. As the graph below shows, the fall months typically bring lower gas prices, but volatility in the oil market has led to seasonal record highs this year. 

Today’s National Average: $4.3344 

One Week Ago: $4.3612 

One Month Ago: $4.3289 

One Year Ago: $3.0674 

According to new data from the Energy Information Administration (EIA), gasoline demand decreased last week from 8.76 million barrels per day to 8.40 million. Total domestic gasoline supply increased from 204.7 million barrels to 208.3 million. Gasoline production decreased from 9.34 million barrels per day to 9.23 million barrels. 

At the close of Wednesday’s formal trading session, WTI rose 95 cents to settle at $95.09 per barrel. The EIA reports that U.S. crude oil inventories decreased 8.6 million barrels to 415.6 million barrels, 3% below the five-year average. 

State Stats 

Gas 

The nation’s top 10 most expensive gasoline markets are California ($6.23), Hawaii ($5.63), Washington ($5.42), Nevada ($5.42), Oregon ($4.97), Alaska ($4.96), Idaho ($4.85), Utah ($4.82), Illinois ($4.69), and Arizona ($4.66). 

The nation’s top 10 least expensive gasoline markets are North Carolina ($3.70), Georgia ($3.77), Texas ($3.83), Tennessee ($3.88), Indiana ($3.89), Louisiana ($3.90), South Carolina ($3.90), Mississippi ($3.91), Arkansas ($3.93), and Alabama ($3.94).