In the Energy Information Administration’s (EIA) latest report for the week ending on April 13, it noted that gasoline demand surged to 9.86 million b/d. This is the highest mid-April rate on record and is the highest so far this year, signaling that the spring driving season is in full throttle. Demand measured 584,000 b/d more from the previous week and 634,000 b/d above the same week in 2017. EIA’s record-breaking demand measurement is likely the result of more drivers hitting the nation’s roads as warmer weather starts to spreads across the country. As demand soars, the U.S. is also seeing consistent growth in gasoline exports as new export opportunities emerge across the globe.

Total domestic gasoline production from refineries across the country also grew last week, hitting 10.2 million b/d. Production rates this high are typically seen in the summer. However, with growth in domestic and international demand for U.S.-produced gasoline, refiners are supplying more customers than ever before. Additionally, gasoline stocks dropped by nearly 3 million bbl last week. Declining gas stocks combined with high demand have already pushed up gas prices two cents since Monday.