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U.S. Fuel Consumption Drops in Q1 as High Prices Hurt
Total U.S. liquid fuels consumption fell by an estimated 850,000 bbl/d (4.5%) in the first quarter of 2012 from the same period last year, the Energy Information Agency announced this afternoon. However, hard-pressed consumers did not see that drop in demand reflected in the price of fuel since the energy markets do not always follow academic economic theory.
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AAA – Pump Gasoline Prices Still Soaring
The national average for a gallon of regular gasoline went up 8 cents since last week to $4.16, according to the latest data published by AAA. The last time the national average reached that price was in early August of 2022.*
“Crude oil prices remain high, even as they’ve fluctuated in recent days following the announcement of a 2-week ceasefire between the U.S. and Iran. The price for a barrel of crude dropped below $100 but then rose again, highlighting the volatility of oil markets and fluidity of geopolitical events,” AAA said in a release. Continue reading →