Gas Prices Fall Despite Record Summer Demand

U.S. petroleum refiners are apparently keeping up with rising demand for gasoline and diesel fuel so far this summer. The result: Average U.S. gasoline prices had fallen for nine consecutive days as of June 20 with prices down nearly four and a half cents from the previous week, according to the Daily Fuel Gauge Report from AAA. The average daily price June 20 was $2.332. Prices are running 46.5 cents below the same date in 2015.

Until this latest decline, fuel prices had been rising since late February, as refiners performed their regular seasonal maintenance and switched production to summer blends. But the increases were well within norms for this seasonal pattern. AAA said all evidence points toward a continuation of record fuel demand during the summer driving season, as supplies of fuel remain high and the country has yet to see any problems with refiners. “On the whole refiners are keeping up with the growing demand and the latest data from the U.S. Energy Information Administration shows that the market is well supplied.” The group expects the lower price scenario to continue for the foreseeable future, as crude oil prices remain restrained.

AAA’s complete gas price report can be viewed at gasprices.aaa.com.”””