• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 12 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 days The United States produced more crude oil than any nation, at any time.
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 2 days Bad news for e-cars keeps coming
  • 4 days China deletes leaked stats showing plunging birth rate for 2023
  • 5 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
Canada Labels Iran's IRGC Terrorist Entity After Flight PS752 Tragedy

Canada Labels Iran's IRGC Terrorist Entity After Flight PS752 Tragedy

Canada designated Iran's Islamic Revolutionary…

Prices At The Pump Continue To Plunge, But Stronger Demand Could Halt The Trend

The national average for a gallon of gas at the pump in the United States fell to $4.139 on Thursday, the 51st consecutive day the country has seen a price drop for gasoline, according to AAA. 

The month-ago average for American drivers was $4.807, representing a 16% reduction at the pump over the past 30 days and a sustained break in the upward trend that saw prices peak at $5.02 on June 14th. 

Whether the downward price trend will continue will depend on the demand situation, says AAA, noting that the steady drop in gasoline prices could reverse with a “slight uptick” in demand.

“We know that most American drivers have made significant changes in their driving habits to cope with high gas prices,” AAA spokesperson Andrew Gross said. “But with gas below $4 a gallon at nearly half of the gas stations around the country, it’s possible that gas demand could rise.”

On Wednesday, the Energy Information Administration (EIA) recorded a slight increase in gasoline inventories of 200,000 barrels in the week ending July 29th, with production averaging 9.3 million barrels daily. That increase compares to a 3.3-milllion-barrel draw the previous week. 

Earlier this week, the EIA noted that gasoline demand had risen from 8.52 million barrels per day to 9.25 million barrels per day the previous week, but still 80,000 bpd lower than for the same period last year. However, the AAA notes that if that demand rise continues, we could see a slowing of price reductions at the pump. 

The EIA’s Wednesday inventory report is more conducive to continued price decreases for American drivers. While the previous week’s report showed a large decrease in stockpiles, this week’s report shows a slight increase, indicating more available supply. 

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • George Doolittle on August 05 2022 said:
    Tesla has barely produced a single vehicle at Giga Texas yet and still the "short oil/gasoline long Tesla" trade of the past six weeks shows what an embarrassment the oil nutter people are.

    Long $nee Next Era Energy
    Strong buy

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News