New data from the Energy Information Administration revealed that demand dropped last week, landing at 9.55 million b/d. The rate is approximately 100,000 b/d less than the previous week and 300,000 b/d less than last year at this time. Total domestic stocks of gasoline also fell last week. They hit 230.7 million bbl after the total refinery utilization rate fell slightly to 93 percent, which is 2 percent lower than last summer at this time. Alongside a decline in gasoline demand, a cheaper crude price — ranging between $12-15 per barrel less when compared to last year — has helped American motorists to see lower pump prices this summer. Since Monday, the national average for regular unleaded gasoline has decreased by two cents to $2.71.
Falling Gas Demand Contributes to Declining Pump Prices