Americans Keep Driving While Pump Prices Edge Higher
(Bloomberg) -- Higher pump prices aren’t deterring American motorists from hitting the road during the busiest driving season of the year.
U.S. gasoline demand rose for a second week, while fuel stockpiles shrank 2.33 million barrels to the lowest level since May, according to the Energy Information Administration. The combination should keep pump prices edging up into August, said Patrick DeHaan, senior petroleum analyst at GasBuddy.
Gasoline stockpiles could finish the season with a little bit of an inventory surplus, as healthy crack spreads across most of the country keep refineries churning out fuel, according to DeHaan. Demand won’t ease up until the second half of August, when road trips typically end and kids head back to school, he said.
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