Despite another week of lackluster demand for gasoline, pump prices rose three cents since July 13 to $3.58 as of July 20. The primary culprit is a higher oil price, which has recently increased to the mid-$70s per barrel.
“Gas demand barely budged from last week, yet compared to this time in 2022, it is higher nationwide except for the Gulf Coast, Texas and New Mexico," said Andrew Gross, AAA spokesperson. “Some industry experts speculate that scorching temps in that region are keeping people off the road.”
According to new data from the Energy Information Administration (EIA), gas demand increased slightly from 8.76 to 8.86 million b/d over the same week. Meanwhile, total domestic gasoline stocks fell from 219.5 to 218.4 million bbl. With supplies tight, if demand climbs, pump prices will follow suit.
The July 20 national average of $3.58 is a penny more than a month ago but 88 cents less than a year ago.
Since July 13, these 10 states have seen the largest increases in their averages: South Carolina (+15 cents), Utah (+10 cents), Tennessee (+7 cents), Virginia (+6 cents), Pennsylvania (+5 cents), Louisiana (+5 cents), Georgia (+5 cents), Alabama (+5 cents), Oklahoma (+5 cents), and Indiana (+5 cents).
The nation’s top 10 most expensive markets: Washington ($4.92), California ($4.89), Hawaii ($4.68), Oregon ($4.58), Alaska ($4.30), Nevada ($4.22), Utah ($3.93), Idaho ($3.89), Illinois ($3.83) and Colorado ($3.82).
Source: AAA
