Gasoline demand drops to lowest level in four months
(October 27, 2020) Gasoline demand has dropped significantly since the beginning of the month, down from 8.8 million barrels a day to 8.2 million, according to the latest Energy Information Administration (EIA) report. This latest demand measurement is the lowest since mid-June. While the drop isn’t out of the ordinary for this time of year, people tend to drive less in the fall, it is a staggering 14% less than last October. On the week, gasoline stocks increased to 227 million barrels, putting total supplies at a 4 million barrels surplus compared to this time last year.