• 2 minutes U.S. Presidential Elections Status - Electoral Votes
  • 5 minutes “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 7 minutes United States LNG Exports Reach Third Place
  • 33 mins China sends warplanes thru Taiwan airspace. Joe's reponse . . . .
  • 5 hours Joe Biden's Presidency
  • 1 hour Biden suspends oil and gas drilling on Federal Lands for 60 days for review.
  • 6 hours Navalny Poisoning Weakens Russo German Relations
  • 28 mins The World Economic Forum & Davos - Setting the agenda on fossil fuels, global regulations, etc.
  • 1 day So Is COVID a Media Hoax or Not?
  • 6 hours Here it is, the actual Complaint filed by Dominion Voting Machines against Sydney Powell
  • 8 hours Will Empire be brazen about stealing OIL from Venezuela?
  • 12 hours Minerals, Mining and Industrial Ecology
  • 1 day a In 2020, we produced and delivered half a million cars.
  • 1 day JACK MA versus Xi Jinping
Mercedes To Take On Tesla With Fully Electric SUV

Mercedes To Take On Tesla With Fully Electric SUV

Daimler AG's Mercedes-Benz rolled out…

The 5 Best Utility Stocks In 2021

The 5 Best Utility Stocks In 2021

Energy utilities are great defensive…

Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Premium Content

U.S. Gasoline Demand Is Crumbling As Driving Season Comes To An End

The recovery in gasoline demand in the United States slowed down in August, even turning negative in the last week of the month as driving season came to an end and the new school year began.

New data from IHS Markit shows gasoline demand fell by 1.9 percent over the last full week of August. The four-week rolling average, the company reported, stood at 18.2 percent below the level from last year.

The slowdown in August followed three months of strong recovery after lockdowns got eased in May. A month before that, gasoline sales crashed by 50 percent on the year.

“The plateauing in demand is a symptom of the continuing aggressiveness of the coronavirus and is telling us that it will take longer to get back to normal,” IHS Markit chairman Daniel Yergin said, commenting on the data.

In that, he echoed most market observers in various industries that see a prolonged recovery from the devastating economic effects of the pandemic, especially in the United States.

A further decline in demand for gasoline is coming over the next few months as summer driving season normally represents the peak in demand. This means that whatever recovery demand registered in the summer was all it would get this year. This, in turn, means that we are likely to see a shift from inventory draws to builds in gasoline in the Energy Information Administration’s weekly petroleum status reports.

In the EIA’s latest weekly report, the agency said gasoline inventories had fallen by 3 million barrels in the week to September, after an even bigger weekly draw of 4.3 million bpd a week earlier. That one, however, was linked to Hurricane Laura, which forced refinery shutdowns along the Gulf Coast. Average gasoline production last week fell, however, to 8.9 million bpd from 9.5 million bpd a week earlier.

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News