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Independence Day Weekend Set to Boost US Gasoline

OIL PRODUCTS

43 million American motorists are forecast to drive 50 miles of more this Independence Day weekend according to AAA – a record high and should serve a boost for US gasoline demand.

  • It would mark a 4% increase from 2019 pre-pandemic levels.
  • “What this tells us is that despite inventory being limited and some prices 50% higher, consumers are not cutting back on travel this summer.” AAA said.
  • An influx of more fuel-efficient cars, electric vehicles and higher levels of biofuel blending mean gasoline demand is unlikely to reach pre-pandemic levels despite more miles.


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