With summer in the rearview mirror, gasoline demand has slumped. According to the Energy Information Administration (EIA), demand for gasoline fell to one of its lowest rates for the season last week at 9.53 million b/d after hitting 9.65 million b/d during the previous week. The drop in demand occurred alongside stocks dropping by 1.7 million bbl to 234.2 million bbl. As the national average for regular gasoline continues to remain stable at $2.85, EIA’s latest report mostly signals that supply and demand for gasoline are in sync. That balance may tip as more gas stations begin to sell cheaper-to-produce winter blend gasoline – leading the nation’s motorists to likely see pump prices drop in the coming weeks.
Gas Demand Wanes as Fall Begins