Americans are officially driving less than they did in the summer of 2020 — back when pandemic travel restrictions all but halted movement.
The four-week average of U.S. gasoline consumption, the best gauge for the country’s demand, is now more than 1 million barrels a day below pre-Covid seasonal norms, according to federal Energy Information Administration data
Either number is still considerably greater than the worst of the lockdown in April 2020, when virtually everyone stayed home and consumption plunged to 5.3 million barrels.
This summer’s drop suggests the glimmer of demand recovery seen last week was fleeting: Though pump prices have fallen for 50 straight days
The dip in demand caused gasoline futures to plunge as much as 11% in New York Wednesday. While that should pull retail prices even lower, the relief at the pump may come too late as the summer driving season nears its end.