Domestic gas stocks soar, push down gas prices

(August 13, 2019) The national gas price average, $2.64, represents a seven-cent drop on the week as domestic gasoline stocks built by a surprising 4.4 million barrels, according to the Energy Information Administration’s (EIA) latest data. Contributing to the build was at least 1.2 million barrels per day of imports at U.S. ports. With the large bump, stocks now sit 235 million barrels — a U.S. stock level not seen in nearly five months since the end of March.

 “On the week, nearly half of all states saw gas price averages decrease by at least a nickel,” said Jeanette Casselano, AAA spokesperson. “While gasoline demand increased week-over-week, it wasn’t enough to stay on pace with the huge jump in gasoline stocks. Therefore, pump prices continue to decline across the country.”

Today’s national gas price average is 13-cents less than a month ago and 21-cents cheaper than a year ago.

Quick Stats

    The nation’s top 10 largest weekly decreases are: Ohio (-19 cents), Indiana (-17 cents), Illinois (-12 cents), Michigan (-12 cents), Kentucky (-10 cents), Florida (-7 cents), Oklahoma (-7 cents), Louisiana (-6 cents), Missouri (-6 cents) and Georgia (-6 cents).

    The nation’s top 10 least expensive markets are: Louisiana ($2.27), Mississippi ($2.28), South Carolina ($2.31), Alabama ($2.31), Arkansas ($2.32), Oklahoma ($2.34), Tennessee ($2.37), Texas ($2.38), Missouri ($2.39) and Kansas ($2.41).