Gas Prices Continue Downward Trend

Summer may be ending, but gasoline demand is soaring to new heights. In its latest reading (for the week ending Aug. 9), the Energy Information Administration (EIA) recorded demand at 9.93 million b/d, the highest since the agency began recording data in 1991. As demand jumped, gasoline stocks fell by 1.4 million bbl and pump prices slowed their decline on the week.

“Pump prices continue to trend cheaper for most motorists across the country, though the rate at which they are declining slowed in the last week with a handful of states only seeing a nickel decline at the most,” said Jeanette Casselano, AAA spokesperson. “Demand recorded at a surprising all-time high, but it is expected to drop in the coming weeks as summer comes to an unofficial end.”

The national average is $2.61, which is three cents cheaper than last week, 17-cents less than a month ago and 22-cents cheaper than a year ago. Nearly half of all gas stations in the country are selling gas for $2.50 or less.

According to GasBuddy.com’s daily survey, the price for a gallon of gasoline in the Natural State averages $2.27.

That’s a drop of 3.2 cents in the last week.

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