In the Energy Information Administration’s (EIA) latest petroleum report for the week ending on July 27, demand for gasoline registered at a near record-high of 9.88 million barrles/day.
This demand reading is about 1,000 b/d short of setting a new all-time recorded high. Moreover, the demand rate is approximately 30,000 b/d more than the previous week and more than 1.5 percent more than this time last summer.
High demand – along with tighter supplies, which fell 2.5 million bbl – have driven the pump price increases seen around the country during this week. If demand remains robust amid dwindling stocks, motorists are likely to see pump prices continue to increase throughout the summer. Today’s national average for unleaded regular gas is $2.87 – a jump of two cents from a week ago.