Last week, gas demand hit 8.56 million b/d, according to new data from the Energy Information Administration (EIA). The current rate is in line with last year’s rate seen in mid-January, a time that typically brings lower demand due to winter weather. EIA’s data also revealed that total domestic stocks of gasoline grew by 6.7 million bbl last week, bringing the total to 258.3 million bbl. Growing stocks — amid lower demand — have helped ease pump prices, lowering the national average. Since Monday, the national average for a gallon of regular unleaded gasoline has decreased by two cents to $2.56.
Growing Stocks And Low Demand Help National Average Decline