Since Monday, the national average for a gallon of regular gasoline has increased by a penny to $4.60. According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 500,000 bbl to 219.7 million bbl last week. Gasoline demand also dipped from 9 million b/d to 8.8 million b/d, approximately 700,000 b/d lower than a year ago. The softening of gas demand has helped minimize price increases ahead of Memorial Day. However, gas demand may spike this weekend, as American drivers take to the roads for the holiday. If demand slows again following the holiday weekend, pump price increases could be limited as crude prices remain volatile. At the close of Wednesday’s formal trading session, WTI increased by 56 cents to settle at $110.33. Crude prices increased slightly yesterday after EIA reported that the domestic crude supply decreased by 1 million bbl to 419.8 […]