High Prices, Not Virus, Seen Curbing U.S. Summer Driving Demand
- Gasoline pump prices will reach the highest since summer 2014
- Diesel consumption will match 2019 levels despite high prices
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Americans are expected to drive more this summer than they did last year, even with higher prices limiting some travel.
U.S. drivers are expected to burn through 9.2 million barrels a day of gasoline from April to September, up by 0.8% from the same time last year but 3.5% lower than it was in 2019, according to the Energy Information Administration’s summer fuels outlook. Meanwhile, the average gasoline retail price is expected to be $3.84 a gallon, the highest since summer 2014 after adjusting for inflation, the report shows.