Gasoline demand has dropped significantly since the beginning of the month, down from 8.8 million barrels per day to 8.2 million, according to the latest Energy Information Administration report.
This latest demand measurement is the lowest since mid-June, according to AAA Tidewater.
While the drop isn’t out of the ordinary for this time of year, people tend to drive less in the fall. It is a staggering 14 percent less than last October. On the week, gasoline stocks increased to 227 million barrels, putting total supplies at a four million barrel surplus compared to this time last year.
“The U.S. has a very healthy level of gasoline stocks due to lower demand and that is keeping gas prices low,” said Holly Dalby, AAA spokesperson. “The majority of states have cheaper gas prices compared to last month, many paying 3 to 8 cents less. That downward trend at the pump is likely to continue.”
This summer brought an increase in demand compared to spring, but with coronavirus case...
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