(November 2, 2021) WASHINGTON, D.C. —The national average price for a gallon of gas rose to $3.40, but the two-cent rise over last week is the smallest weekly increase in a month. News that Iranian oil, which has not been sold globally in large quantities since 2018, may return to the world market coupled with an OPEC+ meeting on November 4 via videoconference, is increasing market volatility, but slowing pump price increases, at least for now.

“We have finally seen a little dip in domestic demand for gasoline, which may signal that the seasonal post-Labor Day easing was a little delayed this year,” said Andrew Gross, AAA spokesperson. “And if the recent steady increase in crude oil prices takes a breather too, consumers may benefit at the pump with smaller price hikes.”

According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 2 million barrels to 215.7 million barrels last week. Gasoline demand also fell from 9.63 million barrels a day to 9.32 million barrels a day. The drop in demand has helped slow price increases, but elevated crude prices continue to put upward market pressure on pump prices, which will likely keep rising as long as oil prices are above $80 per barrel.

Today’s national average of $3.40 is 21 cents more than a month ago and $1.27 more than a year ago, and 79 cents more than in 2019.

Quick Stats

The nation’s top 10 largest monthly increases: Alabama (+33 cents), Connecticut (+32 cents), Washington, D.C. (+31 cents), Arizona (+31 cents), Rhode Island (+30 cents), New Hampshire (+29 cents), Virginia (+29 cents), Vermont (+29 cents), Massachusetts (+29 cents) and Delaware (+28 cents).

The nation’s top 10 most expensive markets: California ($4.60), Hawaii ($4.30), Nevada ($3.94), Washington ($3.87), Oregon ($3.78), Utah ($3.73), Alaska ($3.72), Idaho ($3.70), Washington, D.C. ($3.59) and Pennsylvania ($3.57).