The price at the pump continued its slow climb, rising two cents on the week, with the national average for a gallon of gas hitting $3.42. For consumers,last hit this mark in September 2014, when “The Maze Runner” ruled the box office and Taylor Swift’s “Shake It Off” topped the pop charts. The latest decision by OPEC and its oil-producing allies to maintain their planned gradual increase in output will not help lessen supply constraints, so any relief will most likely have to come from the demand side.
“Not everybody loves changing their household clocks for the end of Daylight Saving Time,” said Andrew Gross,spokesperson. “But the shorter days could lead to lower demand for gas. Drivers may head straight home from work to avoid the darkness rather than tack on side trips for shopping or errands.”
According to new data from theInformation Administration (EIA), total domestic stocks decreased by 1.5 million bbl to 214.2 million bbl last week. However, demand rose from 9.32 million b/d to 9.5 million b/d. The slight increase in demand has contributed to price increases, while elevated continue to put upward market pressure on pump .
Today’s national average of $3.42 is 16 cents more than a month ago, $1.31 more than a year ago, and 80 cents more than in 2019.
The nation’s top 10 largest weekly increases: Michigan (+16 cents), Ohio (+14 cents), Indiana (+11 cents), Arizona (+7 cents), New Mexico (+5 cents), Illinois (+5 cents), Minnesota (+3 cents), Oklahoma (+3 cents), New Hampshire (+3 cents) and Texas (+2 cents).
The nation’s top 10 most expensive markets: California ($4.62), Hawaii ($4.33), Nevada ($3.95), Washington ($3.87), Oregon ($3.77), Utah ($3.72), Alaska ($3.71), Idaho ($3.69), Washington, D.C. ($3.61) and Illinois ($3.60).
Oil Market Dynamics
At the close of Friday’s formal trading session, WTI increased by $2.46 to settle at $81.27. Althoughgained for the day due to a weakening dollar, mostly declined last week after EIA reported that total domestic supply increased by 3.3 million bbl to 434.1 million bbl last week. However, according to EIA’s data, the current storage level is approximately 10.4 percent lower than the same time the previous year. A tighter oil supply has helped to keep above $80 per barrel. This week, could decline again if EIA’s next weekly report shows another increase in total domestic supply.
can find current gas along their route with the free Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access roadside assistance. Learn more at AAA.com/mobile.