Pump prices are continuing to stabilize for the majority of motorists, following the release of new data from the Energy Information Administration (EIA). In its report for the week ending on September 20, EIA’s data revealed that total domestic gasoline stocks grew by 500,000 bbl to 230.2 million bbl. Imports of gasoline, which surged from 500,000 b/d to 800,000 b/d last week, helped domestic gas stocks to grow. Although gas demand rebounded from 8.9 million b/d to 9.3 million b/d last week, growing gasoline stocks have helped to put downward pressure on pump prices after oil prices surged last week in response to attacks on two Saudi Arabian oil facilities. Since Monday, the national average for regular unleaded gasoline has decreased by a penny to $2.65.
Growing Gas Stocks Contribute To Pump Prices Stabilizing