In its latest weekly report, the Energy Information Administration’s data revealed that gas demand is starting to decline – as is typically the case during the fall. For the week ending on September 27, demand moved from 9.34 million b/d to 9.13 million b/d, which is the same rate seen at the end of September 2018. Alongside the drop in demand, gasoline stocks held relatively stable from 230.2 million bbl the previous week to to 230 million bbl. The drop in demand, amid stable stock levels, has helped the majority of motorists across the country see pump prices stabilize or decline after spiking a few weeks ago when Saudi Arabia reported that two of its oil facilities were attacked. Since Monday, the national average for unleaded regular gasoline has increased by a only penny to $2.66. If demand continues to drop, while stocks decline or hold steady, pump prices will likely continue to stabilize.
Drop in Gas Demand Helps Stabilize National Average