In its latest weekly petroleum status report, the Energy Information Administration (EIA) released new data that shows the spring driving season is certainly ahead for American motorists. Last week, gasoline demand took a step forward, increasing to 9.14 million b/d, according to EIA’s data. The jump in demand led total domestic gasoline stocks to fall by 4.6 million bbl to 246.1 million bbl. The new level is only 1.3 million bbl above the level at this time a year ago. As demand strengthens and gas stocks tighten, pump prices will likely follow suit and continue to increase. Since Monday, the national average for unleaded regular gas has increased a nickel to $2.52.
Gasoline Stocks Fall and Demand Moves Higher Ahead of Spring