Last week, demand for gasoline increased significantly by 269,000 b/d from the previous week, according to new data released by the Energy Information Administration. Demand now sits at 9.4 million b/d, which is 85,000 b/d higher than last year at this time and 200,000 b/d higher than two years ago. The increase in demand helped to reduce total domestic gasoline stocks, which fell by 4.6 million bbl to 241.5 million bbl last week. With the summer driving season on its way, American motorists should expect gasoline prices to continue rising this spring as gasoline stocks tighten and demand increases. Since Monday, the national average for unleaded regular gas has increased a nickel to $2.59.
Spring Brings Higher Gasoline Demand