In its latest weekly report, the Energy Information Administration revealed that gasoline stocks grew by an astonishing 4.4 million bbl last week. Total domestic stocks now sit at 235.2 million bbl. Meanwhile, gas demand grew slightly from 9.55 million b/d to 9.65 million b/d. The increasing stock levels are contributing to pump price drops this week, even though demand remains strong. If total domestic stocks continue to outpace demand, American motorists will likely continue to see pump prices drop this summer. Since Monday, the national average for unleaded regular gasoline has dropped three cents to $2.68.
Gas Prices Continue to Fall