Since Monday, the national average for a gallon of regular gasoline has decreased by a nickel to $4.75. According to new data from the Energy Information Administration (EIA), gas demand increased from 8.92 million b/d to 9.41 million b/d ahead of the 4th of July holiday, while total domestic gas stocks decreased by 2.5 million bbl. Typically, these supply/demand trends would put upward pressure on pump prices; however, falling oil prices have contributed to lower pump prices. At the close of Wednesday’s formal trading session, WTI decreased by 98 cents to settle at $98.53. Crude prices continue to face strong headwinds amid broad market concerns regarding the potential for economic growth to slow or stall due to rising interest rates and inflation. A lower economic growth rate than expected could cause crude demand to decline, leading prices to follow suit. Additionally, EIA reported that total domestic crude stocks increased […]