A Second Virus Wave Is Threatening U.S. Oil Demand Again
- Highway miles traveled are at 85% of where they were last year
- Virus case uptick seen in states with most drivers like Texas
Vehicles drive in light traffic along the Pacific Coast Highway in Santa Monica, California on March 19.
Photographer: Patrick T. Fallon/BloombergThis article is for subscribers only.
After months of empty roads, lockdowns were easing and people were getting behind the wheel again. A station in Northern California was selling gasoline for a whopping $5.98 a gallon.
Then the coronavirus struck again -- in a fierce way. Californians, Floridians and Texans are back in hiding, and the recovery in driving that had restored highway travel nationwide back to 85% of last year’s levels is looking more fragile than ever.