Gasoline Prices Hit October Record Despite Slight Weekly Dip

The slight relief at the pump arrives even as national gasoline demand climbed to 8.76 million barrels per day. While inventories saw a marginal increase to 204.7 million barrels, refinery production slowed to 9.34 million barrels per day. This delicate supply balance remains susceptible to volatility, particularly as global oil markets react to geopolitical instability in Riyadh, which triggered a sharp $5 surge in WTI crude prices Thursday morning.

Regional disparities highlight the financial strain on motorists. California leads the nation with an average of $6.34 per gallon, followed by Hawaii and Washington. Even in states with the lowest costs, such as Ohio and Indiana, prices hover near $3.70. While the immediate threat of Hurricane Isaias to Gulf Coast refining infrastructure has diminished, the broader energy market remains tight. Crude inventories have contracted by 3.2 million barrels, leaving national stocks barely 1% above the five-year average.