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Today’s AAA National Average $3,510
Price as of 01/28/23
January 26, 2023
Since Monday, the national average for a gallon of regular gasoline has risen eight cents to $3.50. Gas demand rose slightly from 8.05 to 8.14 million barrels per day last week, according to new data from the Energy Information Administration. While winter storms in late 2022 contributed to a scarcer supply, this month’s mild winter may have led to more motorists getting behind the wheel, pushing pump prices higher. Meanwhile, total national inventories of gasoline increased by 1.7 million bbl to 232 million bbl. Increased demand for gas and rising oil prices have contributed to rising prices at the pump. If demand remains robust, drivers will likely see pump prices rise over the weekend.
As of the close of the formal trading session on Wednesday, WTI was up by two cents to settle at $80.15. Crude oil prices have increased slightly this week due to the declining dollar. In addition, the cost of oil strengthened this week due to ongoing market optimism that global oil demand will be stronger than expected in 2023 due to China reopening its economy after imposing strict lockdowns for COVID-19 which have reduced demand.
Bigger weekly increases
- Since last Thursday, these 10 states recorded the largest increases in their averages: Colorado (+25 cents), Delaware (+22 cents), Michigan (+19 cents), Alabama (+19 cents), Louisiana (+18 cents), Florida (+18 cents), Tennessee (+18 cents cent) cent), Georgia (+18 cents), Mississippi (+18 cents) and Kansas (+17 cents).
