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.
Quick Stats
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. (+8 cents).
The nation’s top 10 least expensive markets: Georgia ($3.71), Arkansas ($3.74), Missouri ($3.75), Ohio ($3.75), Kansas ($3.77), Oklahoma ($3.77), Mississippi ($3.77), Texas ($3.77), South Carolina ($3.78) and Kentucky ($3.79).
Oil Market Dynamics
At the close of Friday’s formal trading session, WTI decreased by $1.72 to settle at $102.07. 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. Crude prices declined despite EIA reporting that total domestic oil inventories decreased by 8.1 million barrels to 413.7 million barrels. This week, crude prices could see further reductions if demand concerns continue to drag the market down.