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Lower Crude Oil Prices Push National Gas Average Down to $4.06
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Washington, D.C. – The national average for a gallon of regular gasoline fell three cents this past week to $4.06.
Crude oil prices are down in the $70.00 per barrel range amid optimism that the Strait of Hormuz will resume normal operations.
Total domestic gasoline supply decreased from 211.3 million barrels to 209.7 million.
The EIA reports that crude oil inventories increased by 2.5 million barrels from the previous week.
At 407 million barrels, U.S. crude oil inventories are about 6% below the five-year average for this time of year.