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IPFS News Link • Oil
Gas Prices Hit Another Record High Today, What's Biden Doing?
• Zero HedgeAAA reports Increased Gas Demand Pushed Pump Prices Higher
Since Monday, the national average for a gallon of regular gasoline has increased by 10 cents to $4.58. According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 4.8 million bbl to 220.2 million bbl last week. On the other hand, gasoline demand increased from 8.7 million b/d to 9 million b/d. Tighter supply and increased demand have pushed pump prices higher. This supply/demand dynamic, combined with volatile crude prices, will likely continue to keep upward pressure on pump prices.