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Gasoline Demand Stalls at Height of US Summer Driving Season

  • Falling pump prices not enough to reverse demand slowdown
  • New York area vulnerable with seasonal supply at decade-low


Photographer: Bing Guan/Bloomberg
Updated on

US gasoline demand remains below where it was this time two years ago as historically high prices keep more drivers off the road than Covid-19 did in the summer of 2020. 

A small week-over-week rebound in demand last week was not enough to top the same period in 2020. On a seasonal four-week rolling average -- which smooths out weekly fluctuations  -- consumption is just above the same time two years ago, but below every other year going back to 2000, according to data from the US Energy Information Administration. Gasoline inventories rose by 3.5 million barrels, a larger build than was reported by the American Petroleum Institute earlier in the week.