- Retail regular gasoline prices fell by 21.4c in the last four weeks to $3.236/Gal. About 56% of the change was due to the price of crude oil, while the remainder was the refinery margin
- Scroll down for a chart of the RBOB-WTI crack spread, a measure of refinery margin. It shows elevated cracks this year
- Total motor gasoline inventories rose by 0.8 MMBbl for the week ending September 1 and are 2% below the five-year average for this time of year
- US Gasoline Demand Hits a Plateau, Signaling Long-Term Shift (Bloomberg)
- Gasoline demand in the US has dropped 4% from its 2018 peak, despite Americans driving nearly as much as they did pre-pandemic
- Declining population growth, an aging demographic, and improving fuel efficiency have all contributed to reduced gasoline consumption
- Electric vehicles and hybrids are gaining market share, while stricter fuel efficiency standards continue to undercut demand
- Globally, gasoline demand is facing structural decline, with the US playing a pivotal role in shifting markets toward a long-term plateau or gradual reduction in consumption, creating new challenges for oil producers and refiners
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