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Gasoline prices fall further
October 3, 2001: 2:47 p.m. ET

Stocks rise despite higher demand as Americans hit the road again
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NEW YORK (CNNfn) - Gasoline prices are continuing their downward slide even as U.S. drivers return to the road, the government reported Wednesday.

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The Energy Information Administration said stocks of gasoline increased 1.5 percent last week despite an increase in demand. Stocks are now nearly 4 percent higher than a year earlier, keeping downward pressure on prices at the pump.

Meanwhile, the price of regular gasoline fell 6.9 cents per gallon at the pump last week, to a national average of $1.416 per gallon. That's 10.8 cents lower than a year ago, and 29.7 cents lower than the peak May 14.

In the weeks following the Sept. 11 attacks, demand for gasoline fell sharply as Americans canceled travel plans and businesses slowed or shut down temporarily. The lower demand pushed prices down. graphic

-- Reported by CNN Senior Correspondent Brooks Jackson




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