(August 17, 2021) WASHINGTON, D.C.  — New data from the Energy Information Administration (EIA) showed that gas demand and supply decreased. Moving from 9.78 million barrels a day to 9.43 million barrels a day last week, the latest demand measurement is 500,000 barrels a day lower than the rate at this time in 2019, signaling that summer gas demand is likely softening as the school year starts and concerns about transmission of COVID-19 grow as infection rates continue to increase. Additionally, total domestic gas stocks declined by 1.3 million barrels to 227.5 million barrels.

Although the drop in demand has helped to minimize pump price increases and stabilize the national average, elevated crude prices continue to keep pump prices high as the end of summer draws near.

The national average has held steady at $3.18 for seven days after reaching its highest point so far this year. Today’s national average is a penny less than a week ago, two cents more than a month ago and $1.01 more than a year ago. During the run-up to Labor Day weekend, pump prices will likely continue to fluctuate due to high crude prices. However, gas demand typically drops considerably after the final holiday weekend of summer, bringing much needed relief to American drivers when they fill-up this fall.

Quick Stats

The nation’s top 10 largest changes: Alaska (+4 cents), Oregon (+4 cents), Michigan (−4 cents), Montana (+3 cents), Washington, D.C. (+3 cents), Kentucky (−3 cents), Illinois (−3 cents), Ohio (−3 cents), Washington (+2 cents) and Maryland (−2 cents).
 
The nation’s top 10 least expensive markets: Mississippi ($2.79), Louisiana ($2.83), Alabama ($2.84), Texas ($2.84), Oklahoma ($2.87), South Carolina ($2.87), Arkansas ($2.87), Missouri ($2.87), Tennessee ($2.87) and North Carolina ($2.92).