New data from the Energy Information Administration (EIA) reveals demand for gasoline hit a new all-time high record at 9.93 million b/d for the week ending August 9. From the previous week, demand grew by nearly 300,000 b/d to hit the highest level recorded by EIA since it began recording the data in 1991. In comparison to last year at this time, the latest demand rate is approximately 400,000 b/d higher. The high demand level contributed to total domestic stocks falling by 1.4 million bbl to 233.8 million bbl. If demand increases amid falling stock levels in the week ahead, American motorists could see pump prices increase moderately ahead of Labor Day.
Gas Demand Hits New All-Time High