In its latest weekly report, the Energy Information Administration (EIA) revealed that total domestic stocks of gasoline continue to grow. According to EIA’s data, stocks grew by 1.7 million bbl last week, bringing the current total to 260 million bbl. The current level is in line with the level seen in mid-January 2019. For gasoline demand, EIA estimates that it grew slightly from 8.56 million b/d to 8.66 million b/d last week, but the current level is lower than last year’s 8.87 million b/d at this same time. Increased stocks and low demand have helped the national average to stabilize this week. As these trends continue, American motorists will likely continue to see lower pump prices. Since Monday, the national average for a gallon of regular gasoline has held steady at $2.54.
National Average Unchanged as Gas Stocks Grow and Demand Remains Low