On Aug. 1, the national average of $4.21 is 63 cents less than a month ago and $1.04 more than a year ago.
The nation's top 10 largest weekly decreases are Colorado (22 cents), Kansas (22 cents), Ohio (22 cents), Nebraska (21 cents), Indiana (21 cents), Michigan (20 cents), Iowa (20 cents), Illinois (19 cents), Oklahoma (19 cents) and Arizona (19 cents).
The nation's top 10 least expensive markets are Texas ($3.71), South Carolina ($3.73), Georgia ($3.76), Oklahoma ($3.77), Arkansas ($3.77), Mississippi ($3.77), Tennessee ($3.78), Alabama ($3.78), Louisiana ($3.82) and Kentucky ($3.83).
The State of Crude Prices
At the close of the formal trading session on July 29, West Texas Intermediate increased by $2.20 to settle at $98.62. Crude prices increased last week as market concerns about weakening demand this summer eased after the EIA reported that total domestic crude stocks decreased by 4.5 million barrels to 422.1 million barrels last week — 13.5 million barrels lower than the storage level at the end of July 2021.
Additionally, crude prices rose after the market adjusted its expectations for supply since the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group also known as OPEC+, will most likely announce its output will remain unchanged for September at its videoconference meeting on Aug. 3, according to AAA.