New All-Time High Price Of Gasoline
School is out and summer is rolling in. These are typically two major factors that lead to an increase in traffic and petroleum demand throughout New England as families head out on the road for their summer travel. Will record-breaking gas prices curtail demand for fuel in these summer months?
As of the writing of this article, the national average gas price for regular unleaded is $4.981, slightly down from the record-breaking average price on June 14th, 2022 of $5.016 per gallon.
This is a whopping 62% higher than one year ago when the average price was $3.07 and consumers were anxiously hitting the roads to make up for lost time during the initial year of the COVID-19 pandemic.
In New England, the average retail price has increased from $4.72 on May 30th to $5.02 on June 13th, which is an increase of $2.06 per gallon over one year ago. nflation
jumped 8.6% from a year ago in May 2022, the biggest jump since 1981. Consumers’ optimism about their finances and the overall economy fell to 50.2% in June, a level that is comparable to the low point reached in the middle of the 1980 recession.
Per the Energy Information Administration (EIA) total domestic gasoline stocks decreased from the previous week by 710,000 bbl to 217.5 million bbl on June 10th. Meanwhile, gasoline demand saw a decline from 9.2 million b/d to 9.1 million b/d during the same period. This is a more significant decline in gasoline demand from the same week in 2021 which was 9.4 million b/d. While one week does not make a trend, this decline is a potential sign that the demand will be lower if prices remain high.
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