Heading into Labor Day weekend, gasoline demand remains strong. Data from the Energy Information Administration measures demand at 9.9 million b/d, which is 300,000 b/d higher than the previous week. Meanwhile, gasoline stocks declined by 2.1 million bbl to total at 231.9 million bbl. While demand chips away at supply, it’s not at a high enough rate to significantly impact gas prices. In fact, the national average is cheaper week-over-week by three-cents. That’s good news for motorists hitting the road for the holiday weekend. They can expect to find the cheapest Labor Day weekend gas prices in three years.
Demand chipping away at supply