NEW YORK, Feb 23 (Reuters) – Total U.S. four-week average demand for refined products fell to the lowest level since April 1997, data from the U.S. Energy information Administration showed on Thursday.
The four-week average demand for refined products like gasoline and distillates fell to 18.05 million barrels-per-day (bpd), 6.7 percent lower than a year ago.
Meanwhile, crude inventories were at the highest level since September 2011, rising 1.63 million barrels to 340.71 million barrels, EIA said. Midwest refinery utilization rose 3 percentage points to 96 percent of capacity.
Gas prices are surging, and quickly headed toward $4 a gallon, as growing tensions over Iran sparks a run-up in oil prices.
The national average price for a gallon of gasoline jumped 3.3 cents overnight, to $3.612, according to the motorist group AAA. That’s the 16th consecutive increase.
In other words, 2+2=7.