According to newly released data from the Energy Information Administration, total domestic stocks of gasoline grew by 1.9 million bbl last week, bringing the current stock level to 219.1 million bbl. This is 7.5 million bbl lower than last year at this time. This growth in stock levels, amid robust demand, has helped to push prices down and will likely continue to do so if the trend continues. Last week, demand hit 9.32 million b/d — up slightly from 9.19 million b/d during the first week of November 2018. Since Monday, the national average for a gallon of unleaded regular gasoline decreased by a penny to $2.60.
Growing Gas Stocks Help to Push National Average Lower