The latest U.S. Energy Information Administration (EIA) data registers gasoline demand at 8.6 million barrels per day for the week ending December 28 – the lowest level on record since February 2017. Despite record motor vehicle travel for the holiday, demand was down nearly 900,000 bbl, suggesting that demand this winter could be lower than expected.
The declining demand has helped drive fuel prices below last year and near 2017 levels. Declining fuel demand will also likely translate into slower traffic volume growth. Traffic volume reached historic high levels during the first three quarters of 2018.
According to AAA, yesterday’s
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