-
Decline in gasoline demand a ‘noticeable’ and ‘permanent change,’ says analyst
A decline in gasoline consumption in the U.S. could be a trend that’s here to stay, according to one analyst. “There has been a noticeable, and I believe permanent, change toward lower gasoline demand,” Andy Lipow of Lipow Oil Associates told Yahoo Finance. The analyst noted that demand peaked between 2017 and 2019 at just over 9.3 million barrels per day, according to data from the U.S. Energy Information Administration (EIA). The lockdowns during the pandemic impacted demand in 2020 and 2021. However 2022’s level was down 0.5{9f99fe44fce1aa3c813d0a0ce4da2fbea8a5a58e9d85c4a2927dd8140cb676b5} from the prior year. Indications of gasoline demand in 2023 are thus far running behind 2022. “It is the case, in part,…
/cloudfront-us-east-2.images.arcpublishing.com/reuters/M4BX5VPW4JJ3ZJH6Z2Z25EHRT4.jpg)