Today’s national average for a gallon of gas is $3.48, which is 18 cents more than a month ago and 98 cents more than a year ago.
Quick Stats
The nation’s top 10 largest weekly increases: New Mexico (+18 cents), Delaware (+15 cents), North Carolina (+12 cents), Tennessee (+12 cents), New York (+10 cents), Nebraska (+9 cents), Maryland (+9 cents), New Jersey (+9 cents), South Carolina (+8 cents) and Georgia (+8 cents).
The nation’s top 10 most expensive markets: California ($4.70), Hawaii ($4.46), Washington ($3.95), Oregon ($3.94), Nevada ($3.89), Alaska ($3.80), Washington, D.C. ($3.71), Pennsylvania ($3.68), New York ($3.68) and Illinois ($3.66).
Oil Market Dynamics
At the close of Friday’s formal trading session, WTI increased by $3.22 to settle at $93.10. The tension between Russia and Ukraine continues to contribute to rising oil prices. Russia is a member of OPEC+, and any sanctions based on their actions toward Ukraine may cause it to withhold crude oil from the global market. Additionally, EIA reported that total domestic crude stocks decreased by 4.7 million bbl to 410.4 million bbl. The current stock level is approximately 13 percent lower than at the beginning of February 2021, contributing to pressure on domestic crude prices. If tension between Russia and Ukraine continues this week or EIA’s next report shows another inventory decline, crude prices could continue to rise.