According to AAA, fears of a global economic recession led to a major drop in the price of crude, down $7, which helped to minimize pump price increases last week. Meanwhile, domestic gasoline demand decreased as fewer drivers fueled up in the first half of October. According to the Energy Information Administration (EIA), gas demand decreased nationally from 9.47 million b/d to 8.28 million b/d, and total domestic gasoline stocks increased by 2 million bbl to 209.5 million bbl.
Lower gasoline demand, amid increasing supply and fluctuating oil prices, has contributed to the national average moving downward. If demand continues
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