After rebounding in February, historically high gasoline prices appear to be reducing gasoline demand and traffic volume.
Gasoline demand has been declining throughout March in the wake of historic gasoline prices. The four-week moving average in March has declined compared to 2019 levels for each of the first three weeks during the month after rebounding sharply in February from the pandemic surge depressed 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