Gasoline supplies on the U.S. East Coast tumbled to an eight-year low, exacerbating a fuel shortage among wholesalers that threatens to further drive up pump prices heading into the midterm election.
Overall U.S. stockpiles are now the tightest since November 2014. That’s hitting pump prices, with East Coast states seeing some of the biggest jumps while, nationwide, prices have halted their streak of declines and started to rise again. The national average stood at $3.765 a gallon November 2, the highest level recorded for this time of year, according to AAA.
High pump prices have become a political pain point for Democrats, with the election less than a week away.
While the Biden administration has ramped up pressure on oil companies to lower gasoline costs, fuel shortages are pressuring prices. Some of the highest prices have been in swing states that could determine which party controls Congress.
The drop in gasoline supplies occurred even as demand dipped for the week. It was driven by imports plunging to the lowest since April 2020.
