Crude prices weakened at the end of the day due to demand concerns in Shanghai as fears of a demand-reducing slowdown in global economic activity loom. The nation’s top 10 largest weekly increases: Maryland (+13 cents), Delaware (+12 cents), Kansas (+11 cents), South Dakota (+11 cents), Connecticut (+10 cents), Florida (+9 cents), Nebraska (+9 cents), Missouri (+9 cents), Rhode Island (+9 cents) and Washington, D.C. Today’s national average for a gallon of gas is $4.12, which is 12 cents less than a month ago, and $1.24 more than a year ago. Although supply and demand factors would have typically supported elevated pump prices, the fluctuating oil price continues to be the main factor influencing prices at the pump. Gasoline demand increased slightly from 8.73 million b/d to 8.86 million b/d. “Consumers may be catching a little break from March’s record-high prices, but don’t expect any dramatic drops.”Īccording to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by nearly 1 million bbl to 232.3 million bbl last week. “As long as the price of oil stays elevated, the price at the pump will struggle to fall,” said Andrew Gross, AAA spokesperson.
These opposing forces are causing the oil price to hover around $100 a barrel. Upward pricing pressure on concerns that less Russian oil will enter the global market is countered by fears of a COVID-induced economic slowdown in China, the world’s leading oil consumer. (April 25, 2022)-The recent dip in pump prices has reversed, with the national average for a gallon of regular gas rising four cents over the past week to $4.12.
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