The latest Energy Information Administration (EIA) report measures demand at 8.52 million b/d, which is a slight uptick from the previous week’s 8.48 million b/d. However, the small increase is still 850,000 b/d lower than last year at this time.
“Low demand, even as gasoline stocks decline, has helped pump prices decline or hold steady on the week,” said Jeanette Casselano, AAA spokesperson. “That is likely to continue into the fall as the season sees fewer road trips, especially amid the pandemic.”
Today’s national gas price average is $2.18, which is the same price as last week, five cents less than a month ago, but 47 cents cheaper than a year ago. On the week, most states saw gas prices decrease or moderate fluctuations by a penny or two. A continued drop in demand will likely lead to pump prices continuing to decrease.
Check out the full article from AAA here.