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Guzzling gas ... again

By the Numbers


Illustration by Rachel Beatty

Guzzling gas ... again
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$3.04

The national average for a gallon of unleaded gasoline heading into Memorial Day weekend, up $1.05 from the same time last year, according to AAA. Americans hitting the road again—creating greater demand—coupled with shrinking oil and gas inventories is pushing gas prices to their highest levels in at least three years. Analysts don’t expect substantial decreases soon, though the oil industry is gearing operations back up after COVID-19-induced slowdowns.

9.4M

The barrels-per-day demand for gasoline for the week ending May 21, up 100,000 barrels from the same week in 2020.

$69

The price per barrel for West Texas Intermediate crude oil on June 1, the highest since 2018.

457

The number of oil rigs operating in the United States as of June 1, up 156 from the same week in 2020.

9%

The amount below normal gasoline inventory the United States had in storage as of June 1, an indication of growing gasoline demand.

9.4%

The amount U.S. demand for gasoline rose the week before Memorial Day.

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RCRE8109

West Texas Intermediate Average Barrel Price over a three 10 year periods: 1990-1999=$19.72, 2000-2009=$51.18, 2010-2019=$72.45.