American Gasoline Demand Isn’t as Strong as Previously Thought
- Exports were higher than initial EIA weekly estimates
- Miles driven in U.S. has fallen 3 of past 4 months: DOT
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Gasoline demand in the U.S. isn’t growing as fast as the market thought a couple months ago.
The U.S. Energy Information Administration reported Thursday that gasoline consumption in April was 9.21 million barrels a day, down from the 9.49 million estimated in weekly reports. Demand fell from March for the first time since 2011, when pump prices were nearing $4 a gallon. Americans drove 598 million miles less in April, according to the U.S. Transportation Department, the third decline in the past four months.