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US Has Reached Peak Gasoline Demand: Phillips66

REFINING

US gasoline, diesel and jet fuel demand has or is about to reach its peak according to US refiner Phillips 66 and refineries are expected to change output slates in response.

  • “We absolutely believe that in the US we've hit peak gasoline demand," its chief executive Mark Lashier said.
  • Peak US demand for diesel and jet fuel will follow in the "not to distant future," he said.
  • Due to gasoline demand declining faster than diesel or jet, Phillips 66 is working out ways to adjust its refinery slates to adjust to shifting consumption patterns.
  • The EIA has said that US gasoline demand is not expected to return to pre-pandemic levels, a view shared by fellow US refiner Marathon.
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