The national average price for regular unleaded gasoline is $2.84 per gallon, which is 12 cents less than a year ago, reports AAA.
Gasoline supplies across the country increased by 3.7 million barrels last week, according to the latest Energy Information Administration (EIA) report. One of the reasons stocks increased is due to lower U.S. gasoline exports, which fell to the weakest level since December 2018. Imports also contributed to stock growth, says AAA. Gasoline imports nearly doubled to one of the highest import rates ever recorded by EIA since tracking began in 1982. Increased gasoline stocks can help to suppress pump prices; however, given the record number of travelers expected to hit the nation’s roads this holiday weekend, motorists may see moderate increases at the pump if supply levels become tight in the local markets.
Crude oil prices are on a downturn this week, largely due to the buildup of U.S. inventories. Crude prices dropped this week from $63 a barrel at the start of the week down to $59 at market closing on Friday. Total domestic crude inventories rose by 4.8 million barrels last week. At 476.8 million barrels, the current level of crude in the U.S. is the highest since July 2017. For more on fuel prices visit gasprices.AAA.com.