Soaring U.S. Gasoline Demand Not Enough to Stop Supply Glut
- Imports, refinery production surge outpace demand growth
- Refining margins in U.S. narrow as inventories pile up
Trucks with the natural gas industry, some of the thousands that pass through the area daily, drive through the countryside in Springville, Pennsylvania.
Photographer: Spencer Platt/Getty ImagesThis article is for subscribers only.
The biggest increase in U.S. gasoline demand in almost 40 years hasn’t been enough to keep storage tanks from filling up.
Gasoline imports into the U.S. East Coast are near the highest in seven months and American refiners have maximized gasoline output as diesel margins falter. That’s helped push inventories in the region up by 3.68 million barrels over the past two weeks to the highest seasonal level in three decades, during a period when supplies typically decline.