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Mile Travelled Indicating Lacklustre US Driving

OIL PRODUCTS

US vehicle miles travelled dropped by 3.3% in July versus the month prior to 286.6 billion miles as higher pump prices impacted driving activity the US Transportation Department said.

  • The 9.9 billion-mile decline in July and 1.7% decline in June driving were the first monthly drops since February 2021.
  • Major US refiners announced on q2 results calls that they had not seen a decline in US driving activity this summer but other demand factors have since countered this.

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