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Prices are on a trajectory to keep falling at least the next few weeks. Global fuel demand has been declining because of the high prices and the strong U.S. dollar making oil more expensive elsewhere. Supply remains tight, so after that point, it’s uncertain whether prices will continue to fall. – REUTERS.
- Gasoline consumption has already fallen behind seasonal norms
- Pump prices are still nearly 50% higher than year-ago levels
The US will consume less gasoline from July through October than previously thought as pump prices remain historically high.
The country’s gasoline demand is now expected to reach 9.07 million barrels per day in July, down 2.2% from the June forecast and 4.8% from the amount consumed in July 2019, before the pandemic, according to the latest Short-Term Energy Outlook from the Energy Information Administration. The forecast shows the extent to which high prices are changing Americans’ driving habits.