Summer is not over yet and neither is the demand for fuel. According to Transport Topics, fuel demand in the United States remains below where it was this time two years ago as high prices keep drivers off the road. Gasoline inventories rose by 3.5 million barrels. The stalling demand halfway through the summer season shows us that recent fuel price drops are not enough to get drivers back out on the roads. The summer is usually the busiest time of the year and it was at the beginning of the summer, but it’s slowing sooner than expected with people neglecting their road trips and time on the road.
Gasoline stockpiles on the East Coast fell last due to a drop in European imports, with stockpiles in the Central Atlantic region the lowest it’s been in a decade.
Prices have dropped for a consecutive 36 days, the longest since 2020. Some states like Texas are even seeing prices lower than $4 per gallon. According to AAA, the national average stands at $4.467 per gallon, which is 41% higher than in 2021.