Gasoline demand is improving and is now about 30% below normal, but as expected, it is much stronger in states that have reopened.
Gasoline demand is improving, especially in states that have reopened, as would be expected.
A customer wearing a protective mask uses a plastic shopping bag to hold a fuel nozzle while refueling a vehicle at an Exxon Mobil Corp. gas station in Arlington, Virginia.Gasoline demand is improving and is now about 30% below normal across the U.S., but as expected, it is much stronger in some states that have reopened, analysts said.
Kloza said he does not expect gasoline prices to go much higher, but they could reach $2 as a national average, if demand continues to improve. He expects gas prices also have also hit their low of the year, unless there is another wave of outbreaks that forces more shutdowns. The gasoline market is closely watched since it is often seen as a reflection of the health of the U.S. consumer, but with consumers shut in their homes, demand has become a signal of how much economic activity could increase as consumers emerge. U.S. gasoline demand is also important to the world energy markets, since U.S. drivers normally use about 10% of daily oil supply in their cars.
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