March 28, 2024
(press release)
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After an early spring surge, the national average for a gallon of gas spent the past week drifting up and down by a fraction of a cent before settling a penny higher at $3.53. But the break may be temporary, as gas pump prices will likely resume a spring increase. “Uncertainty of the impact of Ukraine’s targeting of Russia’s oil infrastructure likely spiked oil prices recently,” said Andrew Gross, AAA spokesperson. “But those concerns have abated somewhat for now, and gas prices are settling into a pattern similar to last year when the usual seasonal increase was slow and steady.” According to new data from the Energy Information Administration (EIA), gas demand dipped slightly from 8.81 to 8.72 million b/d last week. Meanwhile, total domestic gasoline stocks increased by 1.3 million bbl to 232.1 million bbl. Lower demand would typically contribute to pushing pump prices lower or slowing increases, but rising oil prices have kept them elevated instead. Today’s national average of $3.53 is 24 cents more than a month ago and 10 cents more than a year ago. Quick Stats Oil Market Dynamics At the close of Wednesday’s formal trading session, WTI decreased by 27 cents to settle at $81.35. Oil prices fell after the EIA reported that total domestic commercial crude stocks increased by 3.2 million bbl to 448.2 million bbl last week. Although stocks increased when compared to a year ago, the current stock level is 25.5 million bbl lower than at the end of March 2023. Drivers can find current gas prices along their route using the AAA TripTik Travel planner.
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