In its report for the week ending on October 11, new data from the Energy Information Administration (EIA) revealed that total domestic gasoline stocks fell by 2.6 million bbl to 226.2 million bbl. When compared to last year at this time, total domestic stocks are 8 million bbl lower this year. Although demand took a slight step back from 9.46 million b/d to 9.35 million b/d, according to EIA’s latest report, it is still 172,000 b/d higher than last year’s rate at this time. Until supplies increase or demand decreases, motorists are likely to see moderate increases in pump prices. Since Monday, the national average for unleaded regular gasoline has increased by two cents to $2.65.
Tightening Gasoline Supply Helps to Push Pump Prices Up