For the first time since 2021, domestic gasoline demand was more than 9 million barrels daily for a third straight week. Yet despite the robust numbers, pump prices barely budged as the low cost of oil is countering a spike for now. The national average for a gallon of gas dipped a penny since June 1 to $3.56 as of June 8.
“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.”
According to new data from the Energy Information Administration (EIA), gas demand increased slightly from 9.1 to 9.22 million b/d over the same week. Meanwhile, total domestic gasoline stocks rose by 2.7 million bbl to 218.8 million bbl. Although gas demand increased, increasing stocks and fluctuating oil prices have contributed to limiting increases.
The June 8 national average of $3.56 is three cents more than a month ago but $1.39 less than a year ago.
Since last 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).
The nation’s top 10 most expensive markets: California ($4.87), Hawaii ($4.74), Washington ($4.74), Arizona ($4.35), Oregon ($4.33), Nevada ($4.26), Utah ($4.11), Alaska ($3.97), Idaho ($3.95) and Illinois ($3.92).
Source: AAA
