• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 days GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days The United States produced more crude oil than any nation, at any time.
  • 8 days e-truck insanity
  • 4 days How Far Have We Really Gotten With Alternative Energy
  • 7 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 7 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 7 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 8 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 8 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 12 days Bankruptcy in the Industry
Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

U.S. Gasoline Consumption Hasn’t Been This Low Since Vietnam War

gasoline florida

Consumption of petroleum products in the world’s top oil consumer, the United States, has fallen to its lowest level in decades, as lockdowns restrict travel and the economy slows, the U.S. Energy Information Administration (EIA) said on Thursday.  

According to EIA’s estimates of petroleum products supplied—its proxy metric for consumption—demand for petroleum products in the latest reporting week to April 17 was 14.1 million barrels per day (bpd), up slightly from the 13.8 million bpd estimated consumption in the previous week, which was the lowest weekly consumption level in EIA’s statistics dating back to the early 1990s. Including the most recent week to April 17, petroleum consumption in the U.S. in recent weeks has slumped by 31 percent compared to the average petroleum demand between January 1 and March 13, when the states started putting restrictions on travel.

Total petroleum demand in the U.S. consists primarily of motor gasoline (45 percent of the 2019 total), distillate fuel oil (20 percent), jet fuel (9 percent), and chemical feedstocks and other fuels (26 percent), as per EIA data.

Gasoline consumption has dropped the most in absolute terms, with product supplied having crashed by 40 percent to 5.3 million bpd as of the week ending April 17, from an average of 8.9 million bpd in 2020 through March 13.

Refiners in the United States have been cutting refinery runs over the past month. China is now processing more crude oil at its refineries than the world’s top oil consumer, the United States, according to data from OilX.

“We are seeing fast and furious gasoline demand destruction. The latest data reveals demand levels not seen since spring of 1968,” AAA spokesperson Jeanette Casselano said at the beginning of last week.

On Monday, AAA said that refinery rates dipped to 69 percent, a level not reported by the EIA in more than a decade.

While petroleum consumption declines in the pandemic, U.S. oil producers have already started to curtail some production as the oversupply persists, storage fills up fast, and oil prices plummet to unsustainable levels for the U.S. shale patch.  

By Tsvetana Paraskova for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News