Demand increased last week as prices declined.
AAA reported that since Monday, the national average for a gallon of regular gasoline dropped six cents to $3.99. The national average has not been below $4 per gallon since March 5. In the spring, oil prices spiked in reaction to Russia’s invasion of Ukraine, leading the national average to a new all-time high.
According to new data from the Energy Information Administration (EIA), gas demand increased from 8.54 million b/d to 9.12 million b/d last week. However, the rate is 307,000 b/d lower than last year. Moreover, according to EIA, total domestic
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