Gasoline demand surges to highest level since March

(July 14, 2020) Gasoline demand increased on the week to the highest level (8.7 million b/d) since March as stocks decreased, but the combination wasn’t enough to significantly impact gas price averages across the country. On the week, the national gas price average only increased one penny to land at $2.19. That is nine cents more than last month and nearly 60 cents less than a year ago.

“The Energy Information Administration’s (EIA) data shows gasoline demand and supply continue on a roller coaster ride,” said Jeanette Casselano, AAA spokesperson. “As motorists react to unfolding COVID-19 information, we are seeing driving behaviors related to filling-up ebb and flow.”

From May to early July in 2019, gasoline demand averaged 9.5 million barrels a day. For the same time period this year, demand is measuring at 8 million barrels a day while gasoline stocks sit, on average, at a 24 million barrels surplus. The low demand and high supply are keeping gas prices relatively cheap for the summertime.

Quick Stats

    •    The nation’s top 10 largest weekly increases: Indiana (+11 cents), Michigan (+9 cents), Delaware (+7 cents), Maryland (+5 cents), Ohio (+4 cents), Oregon (+4 cents), Illinois (+4 cents), Vermont (+4 cents), Washington (+4 cents) and Connecticut (+3 cents).

    •    The nation’s top 10 least expensive markets: Mississippi ($1.84), Louisiana ($1.85), Texas ($1.88), Arkansas ($1.88), Alabama ($1.89), Oklahoma ($1.89), Missouri ($1.91), South Carolina ($1.94), Tennessee ($1.94)and Kansas ($1.98).