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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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US gasoline fuel consumption has been cut by the post-pandemic transition to a hybrid workplace, rising vehicle efficiency standards and a rapid rise in electric vehicle sales according to Reuters. The spike in fuel prices after Russia invaded Ukraine also cut demand.
- US gasoline consumption likely topped out at around 9.33mbpd in 2018, according to EIA.
- There are however an increased number of cars on the road and record US purchases of pick ups and truck SUVs vehicles.
- Efficiency gains and EV sales reduced gasoline demand by around 100kbpd last year according to JPMorgan estimates.
- Future gasoline demand is hard to forecast due to competing factors including the energy transition, policy, economic performance and consumer preferences.
- The US could lose up to 2mbpd, or more than 10% of refining capacity over the next 5-10 years, depending on the pace of the transition according to Patrick De Haan from GasBuddy.
Source: Reuters / EIA
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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