, Columnist
The Decline of Fossil Fuels Is Going to Be Expensive
Just because demand for gasoline is headed downward doesn’t mean prices will fall automatically.
Photographer: David Ryder/Getty Images
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Gasoline consumption in the US probably peaked in the years before the pandemic. It’s currently running about 5% below 2016-2019 levels, and with remote work seemingly here to stay, electric-vehicle market share rising rapidly and population growth awfully close to zero — along with shorter-term pressures such as record-high gas prices and a possible recession — it’s easier to envision more declines than a big rebound.
Here’s weekly gasoline consumption over the past decade, to give a better view of recent dynamics.