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Drivers may notice gas prices ticking up slightly ahead of the holiday weekend. The national average for a gallon of regular is up a couple of cents from last week to $2.94.
Current prices remain below what they were this time last year when the national average was $3.16.
According to new data from the Energy Information Administration (EIA), gasoline demand increased last week from 8.15 million b/d to 8.30 million. Total domestic gasoline supply increased from 257.9 million barrels to 259.1 million. Gasoline production increased last week, averaging 9.1 million barrels per day.
At the close of Wednesday’s formal trading session, WTI rose 67 cents to settle at $64.63 a barrel. The EIA reports crude oil increased by 8.5 million barrels from the previous week. At 428.8 million barrels, U.S. crude oil inventories are about 3% below the five-year average for this time of year.