are once again on the decline across the U.S., bringing some relief to drivers now paying a little less to fill up their tanks.
Last week, data from the Energy Information Administration showed that U.S. gasoline demand slipped to about 8.94 billion barrels a day. That might still sound like a lot — but before the pandemic, consumption could reach closer to the 10 billion barrel-a-day range at this time of year, Gross noted. “Once refinery maintenance is done, output or utilization of the nation’s refineries goes up — and that contributes to rising supply,” De Haan said. And that stronger supply, paired with weaker consumption, has led to a “bit more noticeable" decline in prices this year. He added that U.S. refinery utilization is at some of its highest levels since the pandemic., or about 42 million gallons, from a Northeast reserve with an aim of lowering prices at the pump this summer.
At this time of year, experts keep a particular eye out for hurricane risks — which can cause significant damage and lead refineries to power down.