Consumers are buying less gasoline than in years past, but declining demand isn’t doing much to help U.S. stockpiles.
Gasoline demand is down around 6 percent compared to the same four-week period last year, according to Energy Department data released Wednesday. Demand for diesel and other distillates is down 9 percent.
Oil inventories fell 1 percent to 418 million barrels last week from 422 million barrels the week before, leaving stockpiles around 6 percent below normal for this time of year.
Gasoline inventories fell 1.2 million barrels to 214.5 million barrels — 7 percent below the seasonal norm. Inventories of diesel and other distillates were flat, leaving stockpiles around 23 percent below normal.