At 9.1 million barrels a day, U.S. gasoline demand recorded its second highest measurement since mid-March 2020, indicating that motorists are filling up more often, according to AAA Tidewater Virginia.
This latest demand reading is the highest spring number released by the Energy Information Administration in two years. In fact, it is only about 3 percent below the same week in 2019.
Both demand and supply have steadily increased in the past five weeks, but weekly gasoline supply builds are trending less substantial. On the week, supply only saw a 100,000 barrels build to 234.9 million barrels, most likely due to high consumer demand.
“The jump in demand to 9.1 million barrels/day, combined with the small increase in supply, pushed the national gas price average two cents more expensive on the week to $2.88,” said Holly Dalby, AAA Tidewater Virginia spokesperson.
“This is the largest one-week national jump we’ve seen in five weeks.”
Cheaper crude oil prices, which are ...
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