AAA reported that since Monday, the national average for a gallon of regular gasoline dropped 2 cents to $3.69..
According to new data from the Energy Information Administration (EIA), gas demand decreased from 8.73 million barrels per day (b/d) to 8.49 million b/d last week.
According to the EIA, total national gasoline stocks fell by 1.8 million barrels (bbl) to 213 million bbl.
AAA notes that although gasoline demand has decreased, fluctuating oil prices have led to smaller reductions in gas station prices: “If oil prices continue to rise, the national average is likely to reverse as gas station prices rise”.
At the close of the formal trading session on Wednesday, WTI rose $1.17 to settle at $88.48. Although crude oil prices rose due to a weakening dollar, prices eased earlier in the week after the Consumer Price Index showed that inflation remains stronger than expected. This raised fears in the market that the Federal Reserve could take more drastic measures that could lead to a recession, which would probably lead to a drop in demand and prices for crude oil.
The latest weekly EIA report also showed that total commercial crude oil inventories increased by 2.4 million bbl to 429.6 million bbl last week.
States with the largest weekly declines:
– Connecticut, −15 cents
– Rhode Island, −13 cents
– Indiana, −13 cents
– Massachusetts, −13 cents
– Illinois, −13 cents
– Delaware, −12 cents
– New York, −12 cents
– Ohio, −12 cents
– New Jersey, −11 cents
– New Hampshire, −11 cents
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Source-eldiariony.com