Fuel Prices Ease, but Remain Elevated

The national average for regular gasoline fell six cents over the prior week, reaching $4.27 per gallon on October 22, according to AAA. The organization attributed the decline to the seasonal transition to less expensive winter-blend gasoline, while noting that elevated crude-oil prices limited the size of the decrease. West Texas Intermediate crude settled at $97.15 per barrel on October 21.

AAA, citing U.S. Energy Information Administration data, reported that weekly gasoline demand increased from 8.40 million to 8.98 million barrels per day. Domestic gasoline supplies declined from 208.3 million to 205.3 million barrels, while production increased to 9.75 million barrels per day.

Source: AAA