National gas price average jumps two cents on the week

(April 27, 2021) WASHINGTON, D.C. — At 9.1 million barrels a day, U.S. gasoline demand recorded its second highest measurement since mid-March 2020, indicating that motorists are filling up more often. This latest demand reading is the highest spring number released by the Energy Information Administration (EIA) in two years. In fact, it is only about 3% below the same week in 2019, according to statistics by AAA.

Both demand and supply have steadily increased in the past five weeks, but weekly gasoline supply builds are trending less substantial. On the week, supply only saw a 100,000 barrel build to 234.9 million barrels, most likely due to high consumer demand.

“The jump in demand to 9.1 million barrels a day combined with the small increase in supply pushed the national gas price average two cents more expensive on the week to $2.88,” said Jeanette McGee, AAA spokesperson. “This is the largest one-week national jump we’ve seen in five weeks.”

Cheaper crude oil prices, which are mostly pricing at less than $63/barrel, and stable and strong refinery utilization (85%) are contributing factors keeping pump price jumps incremental. On the week, 35 state averages increased with the majority seeing only one to three cent jumps.

Quick Stats

    •    The nation’s top 10 largest weekly increases: Ohio (+12 cents), Delaware (+8 cents), Kansas (+5 cents), Nevada (+5 cents), Maryland (+4 cents), New Jersey (+4 cents), Montana (+4 cents), Idaho (+4 cents), Washington (+4 cents) and Michigan (+4 cents).

    •    The nation’s top 10 least expensive markets: Mississippi ($2.56), Texas ($2.58), South Carolina ($2.59), Louisiana ($2.60), North Carolina ($2.62), Alabama ($2.63), Oklahoma ($2.65), Missouri ($2.66), Arkansas ($2.68) and Tennessee ($2.68).