Surging U.S. Gasoline Demand Could Keep Pump Prices Elevated
- Travel demand outweighs omicron fears ahead of holidays
- Pump prices remain strong even after sliding in recent weeks
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Surging gasoline demand may limit the success of the Biden Administration’s efforts to nudge pump prices much lower.
The four-week average of U.S. gasoline demand rose to 9.14 million barrels per day last week, data from the Energy Information Administration show. That’s the highest for this time of year since 2015 and suggests concerns about the omicron variant of the coronavirus have yet to stop Americans from hitting the road.