Thanksgiving Gasoline Slump Foreshadows Bleak Christmas
- Motorists stayed close to home through long holiday: GasBuddy
- Refiners to struggle to turn a profit on gasoline production
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A slow Thanksgiving for U.S. gasoline demand is foreshadowing what will likely be a tough holiday season for American fuel makers.
Data from the long weekend showed Americans were ready to spend on gasoline ahead of Thanksgiving but not prepared to use it. A strong start to retail sales Monday and Tuesday fizzled when year-over-year gasoline demand for the entire week fell more than 25%. Wednesday demand alone was down 38% when compared with the day before Thanksgiving 2019, according to Patrick DeHaan, head of petroleum analysis at GasBuddy.