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Summer Gasoline Demand in U.S. Drops Below Pandemic Levels

Americans are officially driving less than they did in the summer of 2020, when pandemic travel restrictions all but halted movement.

The four-week average of US gasoline consumption—the best gauge for the country’s demand—is now more than 1 million barrels a day below pre-Covid seasonal norms, according to Energy Information Administration data.

Read more: High Gas Prices Are Discouraging Americans From Buying Cars Right Now

The drop suggests the glimmer of demand recovery seen last week was fleeting: Though pump prices have fallen for 50 straight days, it’s not enough to lure drivers back to the road with historic inflation constraining consumer budgets.

The dip in demand caused gasoline futures to plunge as much as 11% in New York Wednesday. While that should pull retail prices even lower, the relief at the pump may come too late as the summer driving season nears its end.

Read more: Gas Prices May Be Rising But You’re Still Not Paying for the True Cost of Driving

from TIME
via Time.com

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