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Demand for gas falls to lowest level since early in COVID-19 pandemic

gas fee According to AAA, demand has declined since mid-June as demand plunged to levels not seen since the early days of the pandemic.

prices continue to fall Since June 14, when the US average price hit a record high of $5.01 per gallon

On Thursday, the national average price for a gallon of regular gasoline fell 8 cents to $4.13.

new data from Energy information management (EIA) shows gas demand fell to 8.54 million barrels per day last week from 9.25 million barrels per day.

The AAA said that was 1.24 million barrels per day less than last year and was “in line with demand at the end of July 2020,” when widespread virus-related restrictions were put in place to keep people out of the house.

AAA spokesperson Andrew Gross told FOX Business on Thursday:

Consumer demand for gasoline has fallen to levels not seen since the pandemic began.
Newsday via Getty Images

The latest demand figures show that 64% of drivers Changed driving habits and lifestyle since March to offset highs at the pump.

But it might be good news for drivers.

Recently, crude oil prices have fallen due to concerns over sluggish demand for gasoline.

gas station
Shrinking demand could cause prices to fall even further.
AFP via Getty Images

Pump prices could continue to fall if demand for gasoline remains low and oil prices do not surge, according to AAA.

Organization of Petroleum Exporting Countries (OPEC) and its alliesAlso known as OPEC+.

“A small increase Significant price impact, Especially if demand continues to decline,” AAA said.

Demand for gas falls to lowest level since early in COVID-19 pandemic

Source link Demand for gas falls to lowest level since early in COVID-19 pandemic

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