Demand spikes could appear again around Labor Day.
For the two weeks ending Aug. 13, the national average price of gas has held steady at $2.86, according to a report by AAA. That’s down only once cent since this time last week, three cents less than a month ago and 51 cents more than this time last year.
The Energy Information Administration’s (EIA) latest reports points out consumer demand is dropping again and gas inventories are again growing, marking the first increase in inventories in six weeks with a 3 million bbl gain.
“With a flat national average, U.S. gasoline supply and demand suggest they are balancing,” said Jeanette Casselano, AAA spokesperson. “But that’s not to say that we could not see spikes in demand closer to Labor Day as motorists squeeze in those final road trips.”
Hawaii continues to lead the nation with the most expensive gas ($3.76). Ohio saw the biggest weekly change in gas price (-10 cents), followed by Indiana (-8 cents). Mississippi ($2.56) has the lowest average gas price in the nation.
AAA reported that last Friday on the NYMEX, WTI increased 82 cents to $67.63. Total crude inventories of 407.4 million bbl means inventory is roughly 68 million bbl lower than this time last year.