“The higher price of crude is outweighing sustained low gasoline demand and a build in gasoline supply,” said Jeanette Casselano McGee, AAA spokesperson. “Motorists can expect gas prices to continue to climb through at least the end of the month.”
On the week, every state saw an increase at the pump, with 14 state averages jumping at least seven cents. While all states are paying less year-over-year, the coming weeks could put an end to that 10-month trend.
The nation’s top 10 largest year-over-year decreases: Arizona (-43 cents), Alaska (-40 cents), Utah (-37 cents), Wyoming (-35 cents), Idaho (-34 cents), Hawaii (-34 cents), Oregon (-32 cents), Washington (-32 cents), Vermont (-28 cents) and Colorado (-28 cents).
The nation’s top 10 least expensive markets: Mississippi ($2.08), Missouri ($2.10), Louisiana ($2.10), Oklahoma ($2.10), Texas ($2.12), Arkansas ($2.15), South Carolina ($2.16), Alabama ($2.17), Kansas ($2.18) and Tennessee ($2.18).
Oil Market Dynamics
At the close of Friday’s formal trading session, WTI decreased by $1.21 cents to settle at $52.36. Crude prices decreased at the end of last week due to a strong dollar and an increase in the number of new coronavirus infections, leading to market concern that oil demand may dip as new restrictions are imposed. Earlier in the week, the EIA’s latest weekly report helped bolster crude prices by detailing that total domestic crude inventories declined by 3.2 million bbl to 482.2 million bbl. However, for this week, crude prices could continue to decrease if market concerns grow regarding demand as the number of coronavirus infections continues to climb.