Frigid winter weather has played a critical role in keeping pump prices low this winter due to relatively low demand for gasoline. For two weeks, demand numbers have been decreasing. The latest Energy Information Administration data reveals that gas demand fell by approximately 425,000 b/d from the previous week to 8.6 million b/d. This latest rate is down by more than 400,000 b/d when compared to last year at this time. The drop in demand helped total gas stocks across the country inch up by 400,000 bbl to 258.3 million bbl and kept gas prices in check, with the national average for unleaded regular gasoline remaining the same price today, at $2.28, as last Thursday.
Winter Weather Continues to Knock Down Gas Demand