American motorists are headed toward new milestones this summer, according to the Energy Information Administration (EIA). For the week ending on June 14, EIA’s data revealed that demand for gasoline hit its highest-recorded point, at 9.93 million b/d, since the federal agency began publishing the data in 1991. Typically, when demand hits levels like this in the run-up to summer, pump prices are much higher. However, with domestic crude prices hitting their lowest points of the year recently, closing at $53.76/bbl yesterday (over $12/bbl cheaper than spot prices last year at this time), gas prices around the country have dropped. The price of crude comprises approximately 60% of the costs motorists pay to fill-up at the pump. Since Monday, the national average for unleaded regular gasoline has decreased by two cents to $2.66.
Gasoline Demand Reaches New Heights While Pump Prices Drop