Increased stocks of gasoline continue to push pump prices lower, according to new data from the Energy Information Administration (EIA). In its latest weekly petroleum report, EIA revealed that total domestic inventories of gasoline grew by nearly a million bbl last week and now sit at 234.9 million bbl. At the same time, gasoline demand increased by 436,000 b/d to 9.9 million b/d. Last week’s demand rate is in line with last year’s rate at the beginning of June. As the summer driving season gets underway, increased gas stocks will help to supply high demand and keep prices low. Since Monday, the national average for regular unleaded gasoline has dropped three cents to $2.71.
Gasoline Stocks Grow as Demand Rebounds