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WASHINGTON, DC – The national average for a gallon of regular gasoline decreased 7 cents over the past week to $4.09.

After last week’s announcement of a two-week ceasefire between the U.S. and Iran, the price for a barrel of crude oil has continued to trade below $100. However, maritime traffic transiting the Strait of Hormuz remains subdued as regional tensions persist and negotiations continue.

According to new data from the Energy Information Administration (EIA), gasoline demand increased last week from 8.56 million b/d to 9.08 million.

Total domestic gasoline supply dropped from 239.3 million barrels to 232.9 million. Gasoline production increased last week, averaging 9.8 million barrels per day.




