WASHINGTON, DC – The new year begins with the lowest national average in years at $2.81. The last time the national average for a gallon of regular gas was this low was back in March of 2021.
Crude oil prices remain relatively unchanged from the end of 2025 and unaffected amid questions about Venezuela’s impact on the oil market.
Currently, the global oil supply is strong, as OPEC+, the coalition of oil-exporting countries, says it’s not planning any production hikes in the first quarter of 2026 due to lower demand.
According to new data from the Energy Information Administration (EIA), gasoline demand decreased last week from 8.56 mill barrels/day to 8.17 million.
Total domestic gasoline increased from 234.3 million barrels to 242 million. Gasoline production decreased last week, averaging 9.0 million barrels per day.