This holiday season will feature a record number of motorists on the roads, automotive club AAA data showed Tuesday.
"AAA forecasts that 104 million Americans will travel by car - the most on record for a year-end holiday," AAA spokeswoman Jeanette Casselano said.
While the number of motorists is expected to hit record highs, pump prices are likely to remain low, thanks to a combination of high stocks, increased refinery rates, and a gain in imports.
Total gasoline inventories in the United States added 2.5 million barrels during the week ended December 13, putting stocks approximately 5% above the five-year average for this time of the year, US Energy Information Administration data shows. Production of gasoline also increased during this time period, averaging approximately 9.8 million barrels/d.
Data compiled by S&P Global Platts show steady levels of imports to both the Atlantic and West Coast regions. From December 5 to December 18, the Atlantic Coast received over 13 million barrels of RBOB gasoline, nearly 3 million barrels of CBOB gasoline, and approximately 1.60 million barrels of unleaded gasoline. Meanwhile, the West Coast reported imports of nearly 286,000 barrels of RBOB gasoline.
The national average gasoline pump price is down 5 cents/gal on the month, at $2.54/gal, AAA data showed.
