Low demand for gasoline this winter has helped total domestic gas stocks grow, causing pump prices to drop. Today’s national average for unleaded regular gasoline is $2.24, which is one cent less than a week ago, 18 cents less than a month ago and 27 cents less than a year ago. According to the Energy Information Administration, gasoline stocks grew by a staggering 8.1 million bbl to 248.1 million bbl last week. When compared to the level of stocks at this time in 2018, stocks are 10.8 million bbl higher this year. Low demand has contributed to gasoline stock growth, with demand growing slightly to 8.7 million b/d last week after it fell to a two-year low at 8.6 million b/d during the previous week. If stocks continue to grow amid low demand and low oil prices, motorists will likely see pump prices continue their descent as the country settles into winter.
Gas Stocks Surge as Demand Remains Low