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U.S. Fuel Demand Takes a Sudden Dip
Demand for gasoline in the U.S. unexpectedly fell sharply last week, the U.S. Energy Information Administration reports.
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Demand for gasoline in the U.S. unexpectedly fell sharply last week, the U.S. Energy Information Administration reports.
Consumption had risen to a near-record high of 9.9 million barrels per day at the end of July. But consumption plunged by 530,000 barrels in the following week.
EIA says total gasoline stocks remain tight but did expand by 2.9 billion barrels last week. If the trend continues, fuel prices at the pump could decline slightly this summer, the agency predicts.
Gasoline prices currently average $2.87 per gallon in the U.S., unchanged from last week and up only one cent from a month ago, according to AAA. The auto insurer says prices at this time last year averaged $2.36 per gallon.
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