Gas prices remain largely unchanged during the past week, AAA reported.
Prices were up slightly in recent days after a modest drop after the Memorial Day travel period.
For the first time since 2021, domestic gasoline demand was over nine million barrels daily for a third straight week. Yet despite the robust numbers, pump prices barely budged.
It appears that our seasonal surge in driving may be kicking off a bit before the official start of summer,” said Andrew Gross, AAA spokesperson. “But the low cost for oil appears to mitigate any increases at the pump, which is good news for drivers.”
| Timeframe | Regular | Mid-Grade | Premium | Diesel |
|---|---|---|---|---|
| Current Avg. | $3.396 | $3.872 | $4.151 | $3.655 |
| Yesterday Avg. | $3.393 | $3.859 | $4.120 | $3.677 |
| Week Ago Avg. | $3.388 | $3.845 | $4.117 | $3.669 |
| Month Ago Avg. | $3.379 | $3.820 | $4.083 | $3.757 |
| Year Ago Avg. | $4.992 | $5.397 | $5.667 | $5.958 |
According to new data from the Energy Information Administration (EIA), gas demand increased slightly from 9.1 to 9.22 million barrels a day last week. Meanwhile, total domestic gasoline stocks rose by 2.7 million barrels l to 218.8 million barrels.
As of Thursday, these 10 states have seen the largest changes in their averages: Ohio (+13 cents), Arizona (−13 cents), Indiana (+9 cents), Idaho (+8 cents), Florida (−8 cents), Delaware (−6 cents), Oregon (+5 cents), Michigan (+5 cents), Wyoming (+5 cents) and Maryland (−5 cents).
As of Saturday, the price of crude oil was trading under $71 a barrel, down a couple of dollars a barrel from earlier in the week.
Price increases remained steady this week despite the announcement from the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, known as OPEC+, that member nations would continue to keep their production reduction agreement from May 2023 in place through 2024, and Saudi Arabia approved an additional cut of 1 million barrels a day starting in July 2023.
