Americas Are Consuming More Oil, Even If They're Not Driving Much
- July gasoline demand fell from a year ago, extending declines
- Natural gas liquids and diesel boasted strong summer demand
Photographer: Luke Sharrett/Bloomberg
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Oil demand in the US soared during the summer, even as higher pump prices forced many Americans to cut back on driving.
Overall petroleum supplied, a proxy for demand, posted its best July since 2019, according to government data released Friday. June was even stronger, with demand for the month at a 16-year high. The boost came despite a marked drop in gasoline consumption, which fell 6% from a year ago and double June’s decline.