Increasing gasoline stock levels have helped to keep gas prices mostly stable across the country, according to AAA Tidewater.
On the week, 40 state gas price averages held steady or saw fluctuation of only one to two cents. This helped the national average decrease by a penny since June 14, to $3.07 on Monday.
According to Energy Information Administration data, total gasoline stocks sit at 242.9 million barrels, which is a nine million barrels surplus compared to the same week in June 2019. Stock levels have increased in line with refinery utilization rates, which are up to its highest rate since January 2020. Demand is also trending higher. In EIA’s latest report, demand increased by nearly one million b/d to 9.3 million barrels/day.
“Despite the latest increase in demand, many motorists are not seeing significant pump price jumps due to increasing stock levels, which have significantly built over the last four weeks,” said Holly Dalby, AAA spokesperson. “During this same p...
To view the rest of this article, you must log in. If you do not have an account with us, please subscribe here.