Today’s national average of $3.83 is 24 cents more than a month ago but five cents less than a year ago.
Since last Thursday, these 10 states have seen the largest decreases in their averages: Indiana (−13 cents), Iowa (−11 cents), Florida (−10 cents), Wisconsin (−10 cents), Michigan (−10 cents), Ohio (−9 cents), Minnesota (−9 cents), Kentucky (−7 cents), Nebraska (−6 cents) and Delaware (−6 cents).
The nation’s top 10 most expensive markets: California ($5.26), Washington ($5.06), Hawaii ($4.78), Oregon ($4.72), Alaska ($4.55), Nevada ($4.47), Utah ($4.22), Arizona ($4.25), Idaho ($4.12) and Illinois ($4.11).
Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI decreased by 75 cents to settle at $78.89. Oil prices have declined this week amid market concerns that an economic slowdown in China, the world’s largest importer of crude oil, could push global oil demand down, which could also lead to lower prices. The price of oil has declined despite the EIA reporting that total domestic commercial crude inventories decreased from 439.7 to 433.5 million bbl last week.