Growing demand and shrinking gas stocks are contributing to pump price increases seen since the Fourth of July, according to new data released by the Energy Information Administration (EIA). For the week ending on July 5, EIA’s data revealed that total domestic stocks fell by 1.4 million bbl to 229.2 million bbl. The current level is 10 million bbl lower than where it was at this point in 2018. Demand grew to 9.8 million bbl from the previous week’s 9.5 million bbl, which is in line with the rate in early July 2018. If stocks continue to decrease as demand remains robust, pump prices will likely remain higher. Since Monday, the national average for unleaded regular gasoline has held steady at $2.75.
Gas Stocks Tighten As Demand Climbs, Pushing Pump Prices Up