Gasoline demand numbers look more like summer than fall in the Energy Information Administration’s latest reports. However, despite the high demand rate and a draw in U.S stocks, the national average held steady on the week at $2.60.
“Gas prices continue to fluctuate across the country, though on the week the majority of states saw prices only increase or decrease by one or two cents,” said AAA spokesperson Tammy Arnette. “The largest volatility at the pump continues to be seen in the West Coast & Rockies states along with a handful of states in the Great Lakes and Central region.”
Today’s average is six cents cheaper than last month and 16-cents cheaper than last year at this time.
Motorists in the Mid-Atlantic and Northeast states continue to see the lowest pump price volatility in the nation with changes of just one to two pennies. The week brought small increases in Pennsylvania (+2 cents), New Jersey (+2 cent), Delaware (+2 cents), North Carolina (+1 cent) and Maine (+1 cent). Gas prices in the region range from $2.29 to $2.77.
With a 2.7 million bbl draw, gasoline stocks sit at 59.6 million bbl. This is the lowest stock level seen in the region since the end of July. More so, it is a 5 million bbl shortfall compared to this time last year. Refinery maintenance – and lower utilization rates – have contributed to the decrease in stocks in October and fluctuation at the pump recently.
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