Fall typically brings lower gas demand, and the Energy Information Administration’s latest weekly report shows just that. For the week ending on September 13, demand dropped by 900,000 b/d from the previous week to 8.9 million b/d. Additionally, total domestic stocks increased by 800,000 bbl to 229.7 million bbl. Typically, these market shifts would push pump prices down, but increased oil prices – a result of attacks on oil facilities in Saudi Arabia over the weekend – have pushed pump prices up. Since Monday, the national average for unleaded regular gasoline has increased 10 cents to $2.66.
Gas Demand Drops, But Higher Oil Prices Push Pump Prices Up