Officially, mericans drive less now than in summer 2020 when they were subject to travel restrictions due to pandemics.
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.
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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.
New York’s gasoline futures plunged as high as 11% Wednesday due to a drop in demand. Although this should push retail gasoline prices lower, it may not be enough to offset the end of summer’s driving season.
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