The average gasoline price in the United States has reached $4.36 per gallon, representing a new record for the month of October. This average is a five-cent decrease compared to last week. Last year, the gasoline price was around $3.12, and for the first time in history, the national average in October has surpassed $4.
Increase in Demand and Inventories
According to data from the U.S. Energy Information Administration (EIA), the demand for gasoline has increased to 8.76 million barrels per day, showing a slight increase compared to 8.68 million barrels per day last week. Additionally, gasoline inventories have reached 204.7 million barrels. However, gasoline production at refineries has decreased to 9.34 million barrels per day, down from 9.46 million barrels last week.
Read more: NORDEN raises its profit forecast for 2026 to $230 million
Impact of Oil Prices and Storms
West Texas Intermediate (WTI) crude oil prices reached $88.28 per barrel on Wednesday, rising again after several days at the $80 level. Oil prices have surged due to reports of an explosion in Riyadh, with WTI increasing nearly $5 and Brent also rising by about $5. This situation may affect gasoline prices in the future, even though inventories have remained relatively stable.
Additionally, Hurricane Isaias has been identified as a potential threat to oil production and refining along the Gulf Coast, but this risk appears to be diminishing. Reports indicate that the storm is moving away from Louisiana refineries, and forecasts for rainfall and wind speed have decreased.
Gasoline prices vary significantly across states; for example, the average gasoline price in California has reached $6.34, in Hawaii $5.63, and in Washington $5.46. On the other hand, Ohio has the lowest price at $3.71 per gallon. Meanwhile, crude oil inventories have decreased by 3.2 million barrels to 424.1 million barrels, which is only 1% above the five-year average.
Read more: Ship recycling markets in Pakistan and Turkey remain active · U.S. coal exports fell by 3%
