After hitting a record $4.33 on March 11, the national average for a gallon ofhas fallen to $4.25. The primary reason is the lower global of crude oil, which peaked shortly after Russia launched its war in Ukraine, but is now more than $20 lower and hovering near $105/bbl. Domestically, demand is defying seasonal trends and has dipped slightly, perhaps in response to higher at the pump.
“Usually this time of year, with warmer weather and longer days, we’d see an uptick indemand as more people hit the road,” said Andrew Gross, spokesperson. “But we had a slight drop in demand last week, which may be due to higher pump . In our new survey of drivers, 59% said they would change their driving habits or lifestyle if the of gas hit $4 per gallon. And if gas were to reach $5, which it has in the Western part of the country, three-quarters said they would need to adjust their lifestyle to offset the pump .”
For more information on the latest here.survey, visit
According to new data from the( ), total domestic stocks fell by 3.6 million bbl to 241 million bbl last week. Gasoline demand also decreased slightly from 8.96 million b/d to 8.94 million b/d. The drop in gas demand is contributing to decreases, but the recent reversal in is creating downward pressure on pump . If the oil continues to decline, pump will likely follow suit. However, should start to climb again, pump will likely follow.
Today’s national average for a gallon of gas is $4.25, which is seven cents less than a week ago, 72 cents more than a month ago, and $1.37 more than a year ago.
The nation’s top 10 largest weekly decreases: Maryland (−46 cents), Delaware (−20 cents), Florida (−18 cents), Georgia (−17 cents), Washington, D.C. (−14 cents), Connecticut (−13 cents), Virginia (−13 cents), Rhode Island (−13 cents), New Jersey (−12 cents) and Alabama (−10 cents).
The nation’s top 10 most expensive markets: California ($5.85), Nevada ($5.11), Hawaii ($5.08), Washington ($4.72), Oregon ($4.70), Alaska ($4.69), Arizona ($4.61), Illinois ($4.50), New York ($4.36) and Washington, D.C. ($4.36).
Oil Market Dynamics
At the close of Friday’s formal trading session, WTI increased by $1.72 to settle at $104.70. After crudespiked in response to Russia’s invasion of Ukraine, crude changed course in reaction to China announcing new lockdowns alongside rising COVID-19 infection last week. However, crude could increase further this week as E.U. foreign ministers, who will meet Monday in Brussels, decide whether the 27-nation bloc should join the United States in banning Russian imports, including crude oil. Additionally, reported that total domestic crude stocks increased by 4.3 million bbl to 415.9 million bbl last week.