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Information Articles for the Paris TN and Henry County Tennessee area

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Information Articles for the Paris TN and Henry County Tennessee area

Robust Gas Demand Continues to Shrink Stocks and Drive Up Pump Prices

April 28, 2019 | Email This Post Print This Post
 

AAATampa, FL – AAA reports that consumer gasoline demand this spring remains robust as stocks continue to decline.

In its latest weekly petroleum report, the Energy Information Administration revealed that while demand decreased slightly to 9.41 million b/d last week, the rate is more than 325,000 b/d higher than where it was last year at this time.

Gas prices continue to rise at the pump according to AAA. (AAA)

Gas prices continue to rise at the pump according to AAA. (AAA)

Alongside healthy demand, total domestic stocks of gasoline fell by 2.2 million bbl to 225.8 million bbl last week – 11 million bbl lower than the total stock level during this same week in 2018.

Two other contributing factors are the switch over to more expensive to produce summer blend gasoline and reduced gasoline production as a result of maintenance at refineries across the country.

As a result, American motorists should expect increased pump prices as demand remains robust and stocks dwindle. Moreover, higher crude prices – due to OPEC and its partners 1.2 million b/d production reduction agreement and tighter U.S enforcement of its crude export sanctions on Iran – will likely drive pump prices higher this summer. Since Monday, the national average has increased three cents to $2.877.

About The Auto Club Group

The Auto Club Group (ACG) is the second largest AAA club in North America. ACG and its affiliates provide membership, insurance, financial services and travel offerings to over 9.6 million members across eleven states and two U.S. territories including Florida, Georgia, Iowa, Michigan, Nebraska, North Dakota, Tennessee, Wisconsin, Puerto Rico and the U.S. Virgin Islands; most of Illinois and Minnesota; and a portion of Indiana. 

ACG belongs to the national AAA federation with more than 59 million members in the United States and Canada and whose mission includes protecting and advancing freedom of mobility and improving traffic safety. Motorists can map a route, identify gas prices, find discounts, book a hotel, and access AAA roadside assistance with the AAA Mobile app for iPhone, iPad and Android. Learn more at AAA.com/mobile.

Visit AAA on the Internet at AAA.com.

 

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