Registering at 9.88 million b/d for the week ending on June 8, the consumer gasoline demand rate is the highest weekly estimate on record since the Energy Information Administration (EIA) began tracking it. The last time gas demand was estimated to be this high was in mid-April – when it hit 9.86 million b/d. The EIA’s latest reading is more than 900,000 b/d from the previous week’s estimate, signaling that motorists are embracing the summer driving season. If demand continues to trend higher, drivers may see prices spike at the pump.
Consumer Gasoline Demand Hits All-Time High