WASHINGTON—The national average price for a gallon of regular gasoline dropped six cents on the week, following a consistent downward trend since Memorial Day, according to AAA. The decline is unusual for this time of year. Pump prices usually trickle higher during the summer months due to increased demand.
However, the latest Energy Information Administration (EIA) report reveals that total domestic gasoline inventories jumped a million barrels last week, helping to push pump prices lower. According to OPIS, strong production output and increased imports have helped gasoline storage levels grow consistently during the past four weeks.
“Growing gasoline inventories are contributing to relief at the pump as we head into summer,” said Jeanette Casselano, AAA spokesperson, in a press release. “Current U.S. inventories sit at nearly 235 million barrels, which is helping to feed growing demand.”
According to the latest EIA report, gasoline demand reached 9.877 million b/d last week—the sixth highest weekly count on record. Current demand levels are on par with volumes seen this same time last year (9.879 million b/d). Today’s national average is $2.68, which is six cents cheaper than last week, 17 cents less than last month and 20 cents less than the same time last year.
For more on how gasoline prices can fluctuate with the seasons and market-related events, see “Changing Seasons, Changing Gas Prices” in NACS Daily. NACS also has fuels-related research and resources at convenience.org/fuels.