On the week, gasoline demand, as estimated by the Energy Information Administration (EIA), increased 10% from 7.8 million bbl to 8.6 million bbl. While the demand rate is much lower than a typical summer reading, it’s the highest recorded since late March showing continued signs that Americans are filling up more.
“The increase in gasoline demand contributed towards the national gas price average’s four cent jump to $2.17. While that average will continue to increase ahead of the Independence Day holiday weekend, travelers will find pump prices about 50 cents cheaper than last year’s holiday,” said Nick Jarmusz, Director of Public Affairs for AAA – The Auto Club Group.
It was a volatile week at the pump across the Great Lakes and Central States. Gasoline stocks in the region saw a substantial 1.9 million bbl draw, which is one reason for the fluctuation in gas prices. However, refinery rates saw the largest increase, at 7%, of any region in the country, according to EIA data, which could lead to a build in stocks in the agency’s next report and smaller increases at the pump.
AAA did not release an Independence Day holiday travel forecast this year, but does forecast that Americans will take 683 million road trips from July 1 – September 30. Before you hit the road for the holiday or a summer trip, AAA recommends:
Make sure your vehicle is road trip ready – have your engine and oil levels checked.
Include an emergency road kit in your vehicle with an extra cell phone charger, first-aid kit, a blanket, flashlight, basic tools, jumper cables, and gloves.
Visit AAA’s COVID-19 Travel Restrictions Map at TripTik.AAA.com for the latest state and local travel restrictions.
Pack face coverings, cleaning supplies and a thermometer. Take all necessary travel documentation, including health insurance cards.