Americans Keep Driving While Pump Prices Edge Higher
- EIA report shows strong demand for gasoline in peak season
- Draw on stockpiles seen supporting prices through August
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Higher pump prices aren’t deterring American motorists from hitting the road during the busiest driving season of the year.
U.S. gasoline demand rose for a second week, while fuel stockpiles shrank 2.33 million barrels to the lowest level since May, according to the Energy Information Administration. The combination should keep pump prices edging up into August, said Patrick DeHaan, senior petroleum analyst at GasBuddy.