The late October gasoline demand was the highest for the end of that month since 2006, according to the Energy Information Administration. The average national gas price at the end of October, $2.53, was 31 cents higher than a year ago.
“October has seen strong demand numbers likely, in part, due to consumers taking advantage of the unseasonably warm weather rather than spending time indoors,” said AAA spokesperson Jeanette Casselano. “As consumers fill up their tanks more frequently, we are seeing supply levels tighten and gas prices increase. However, we don’t expect this increase to be long-term.”
Gas prices continued to be volatile in the Mid-Atlantic, with prices in Maryland up 5 cents from a week earlier. Virginia was one of the nation’s top ten least expensive markets, at $2.28 per gallon.
Crude oil inventories slid by 2.4 million barrels last week, as crude oil exports reached a new record of 2.133 million barrels per day. All of this news has given market observers renewed confidence in seeing oil prices pushing higher as supplies appear to grow tighter and demand remains strong, fueled by oil demand growth in key export markets.Download Bulletin PDF