The national average for a gallon of gas fell to a 2023 low of $3.06 on Dec. 18, only to rebound six cents to $3.12. This marks the first weekly increase since September.
“Yukon Cornelius knows that Bumbles bounce, and evidently, so do gas prices,” said Andrew Gross, AAA spokesperson. “Daily gas prices will likely move back and forth for the next month or so. Looking back at pre-pandemic 2019, the national average did not make a firm turn to moving higher daily until Valentine’s Day, Feb. 14.”
According to new data from the Energy Information Administration (EIA), gas demand dipped slightly from 8.86 to 8.75 million b/d last week. Meanwhile, total domestic gasoline stocks increased slightly by 2.7 million bbl to 226.7 million bbl. Robust gas demand and elevated oil prices have jolted pump prices as the US enters winter. With drivers heading to their holiday destinations, they may continue to see pump prices fluctuate slightly during this heavy travel season.
Today’s national average of $3.12 is two cents more than a week ago, 17 cents less than a month ago, and two cents more than a year ago.
Quick stats:
Since last Thursday, these 10 states have seen the largest changes in their averages: Florida (+16 cents), Texas (+11 cents), Idaho (−10 cents), Delaware (+9 cents), South Carolina (+9 cents), Illinois (−9 cents), Nevada (−8 cents), California (−8 cents), Colorado (+7 cents) and West Virginia (−7 cents).
The nation’s top 10 most expensive markets: Hawaii ($4.68), California ($4.57), Washington ($4.17), Nevada ($3.89), Oregon ($3.82), Alaska ($3.72), Pennsylvania ($3.43), New York ($3.39), Vermont ($3.33) and Idaho ($3.28).
Oil market dynamics:
At the close of Wednesday’s formal trading session, WTI increased by 28 cents to settle at $74.22. Oil prices rose this week due to attacks on tankers in the Red Sea, leading to re-routing vessels around the Cape of Good Hope, which requires increased transportation costs. Additionally, the EIA reported that total domestic commercial crude inventories rose by nearly 3 million bbl to 443.7 million bbl last week.
