New data from the Energy Information Administration revealed that total domestic stocks of gasoline decreased for the sixth consecutive week. At 217.2 million bbl, the current stock level is 10.8 million bbl lower than last year’s level at this time. Reduced stock levels, amid robust demand, have helped to push the national gas price average higher this week. Although demand took a significant step back from the previous week’s 9.78 million b/d to 9.15 million b/d – it is still approximately 50,000 b/d higher than last year’s rate in early November. Since Monday, the national average for unleaded regular gasoline has increased by two cents to $2.62.
Tightening Gas Stocks Help to Elevate National Average