While the surge in COVID-19 cases impacted demand in January, February gasoline consumption closed in on 2019 levels despite higher fuel prices.
Gasoline demand rebounded sharply in February following four weeks of declines throughout January. The four-week moving average of gasoline consumption had been above 2019 levels for four of five weeks reported in December, reaching a high of 1.61% above 2019 levels for the week ending on December 24. The four-week moving average on December 31 was 1.52% above 2019.
Following the holiday season, however, gasoline demand began to decline compared to the pre-pandemic levels, with the four-week moving