Low Gasoline Demand Pushing Pump Prices Cheaper

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The latest Energy Information Administration (EIA) data registers gasoline demand at 8.6 million b/d for the week ending December 28 – the lowest level on record since February 2017 pushing gasoline prices lower.

The latest Energy Information Administration (EIA) data registers gasoline demand at 8.6 million b/d for the week ending December 28 – the lowest level on record since February 2017 pushing gasoline prices lower. Despite record motor vehicle travel for the holiday, demand was down nearly 900,000 bbl, suggesting that demand this winter could be lower than expected.

Today’s national gas price average is $2.24 and has declined for 12 weeks in a row. The national average is three-cents cheaper on the week, 20-cents cheaper than last month and 25-cents cheaper year-over-year.

“As the global crude market continues to be oversupplied, oil prices are dropping, continuing last week’s trend,” said Jeanette Casselano, AAA spokesperson. “This is good news for motorists filling up at the pump.”

On the week, gas prices only dropped three to five cents across all Mid-Atlantic and Northeast states. Connecticut ($2.58), New York ($2.58) and Washington, D.C. ($2.55) carry the most expensive gas price averages in the region and land on the top 10 list of most expensive states in the country, which was also the case last year. However, today’s averages are as much as 15 cents cheaper than at the same time in 2018.

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