New data from the Energy Information Administration (EIA) has revealed that a high level of gasoline stocks and low demand continue to put downward pressure on pump prices across the country. For total domestic gasoline stocks, last week’s level – 261.1 million bbl – is in line with the previous week’s level. As a result, when compared to last year, total stocks are 3.3 million bbl higher this year. On the demand front, although EIA estimates that gas demand increased by 139,000 b/d to 8.93 million b/d last week, it is still lower than last year’s 9.07 million b/d at this time. Elevated stocks and low demand have helped to push the national average lower and will likely continue to do so as these trends continue. Since Monday, the national average for a gallon of regular gasoline has dropped by two cents to $2.45.
Winter Pump Prices Continue to Decline