Summer gasoline demand is down, despite lower prices
Summer gasoline demand in the U.S. is low due to increased vehicle efficiency, remote work, and high living costs. Refineries adjust production as lower demand and higher supply decrease gas prices.
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Summer gasoline demand is lower despite reduced prices, attributed to increased energy efficiency in vehicles and fewer commuters on the road. The U.S., a significant gasoline market, is experiencing sluggish demand, particularly among middle- and lower-income individuals. Factors such as high costs for accommodations and dining out are impacting consumer behavior more than lower gas prices. Additionally, the shift towards more fuel-efficient and electric vehicles, as well as remote work flexibility reducing commuting, are contributing to decreased gasoline consumption. Refineries in the U.S. are adjusting production levels due to weaker demand, while those in Europe and Asia face more significant challenges. Lower demand and higher supply have led to decreased gas prices, prompting U.S. refiners to potentially export more gasoline. Despite the start of the summer travel season, the combination of various factors is influencing the gasoline market dynamics in the U.S.
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Having said that, it's only 1.7% below last year.
What, am I going to join a six hour Teams call from the airport? News painted by numbers, make your own determination
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