Gasoline supplies across the country increased by 3.7 million bbl last week, according to new data from the Energy Information Administration (EIA). At 228.7 million bbl, total gasoline inventories in the U.S. are 5.2 million bbl lower than were they were in mid-May 2018. One of the reasons stocks increased because U.S. gasoline exports fell to the lowest rate in 2019 and the weakest since December 2018. Imports also contributed to stock growth. Gasoline imports nearly doubled to 1.35 million b/d, which is the highest rate since 2011 and one of the highest import rates ever recorded by EIA since the federal agency began tracking the data in 1982. Increased gasoline stocks amid robust summer demand may help to suppress pump prices. Since Monday, the national average for unleaded regular gas has dropped a penny to $2.84. For the 37.6 million motorists hitting the road for Memorial Day they can expect gas prices to be cheaper than last year with the exception of a few states in the West Coast and Rockies region.
Total Domestic Gasoline Stocks Jump