AAA
WASHINGTON, DC – The national average for a gallon of regular gasoline dropped slightly from the previous week to $2.92.
Pump prices are expected to start their seasonal climb soon, as spring approaches and summer-blend gasoline production begins.
Tensions between the U.S. and Iran are another factor that could drive up crude oil prices. Right now, gas prices are the lowest they’ve been for this time of year since 2021.
According to new data from the Energy Information Administration (EIA), gasoline demand increased last week from 8.30 million b/d to 8.74 million. Total domestic gasoline supply decreased from 259.1 million barrels to 255.8 million. Gasoline production increased last week, averaging 9.4 million barrels per day.
Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI rose $2.86 to settle at $65.19 a barrel. The EIA reports crude oil inventories decreased by 9 million barrels from the previous week. At 419.8 million barrels, U.S. crude oil inventories are about 5% below the five-year average for this time of year.
Gas
The nation’s top 10 most expensive gasoline markets are California ($4.59), Hawaii ($4.40), Washington ($4.18), Oregon ($3.71), Nevada ($3.64), Alaska ($3.51), Arizona ($3.19), Pennsylvania ($3.10), Washington, DC ($3.09), and Vermont ($3.00).
The nation’s top 10 least expensive gasoline markets are Oklahoma ($2.28), Arkansas ($2.45), Kansas ($2.46), Mississippi ($2.49), Iowa ($2.50), Louisiana ($2.50), Missouri ($2.51), North Dakota ($2.53), Wisconsin ($2.53), and Texas ($2.55).