U.S. gasoline exports overshadow strong productionStaff Writer | August 17, 2017
The production of gasoline in the United States is near a record high, though supply levels are under pressure from exports, a federal report said.
America Estimated gasoline exports have remained relatively high
Motor club U.S. gasoline exports reports a national average retail price for a gallon of regular unleaded gasoline at $2.34 for Thursday, about 2 cents less than one week ago. The summer travel season in the United States, which runs through September, usually leads to higher gas prices because of demand pressure and today's price is about 8 cents, or 4 percent, higher than one month ago.
Despite the seasonal spike, the EIA said the price at the pump has been more or less stable. The range over the last 52 weeks, as of Aug. 7, has been the narrowest in more than a decade.
The price per gallon is still about 10 percent higher than this time last year. One possible reason is because the United States is exporting more gasoline, which offsets some of the expected gains from growing domestic production.
"Estimated gasoline exports have remained relatively high so far in 2017, and as of August 11, were about 222,000 barrels per day higher than the previous five-year average," EIA explained. ■