Demand for refined petroleum products such as gasoline are still not yet at pre-pandemic levels.
U.S. Energy Information Administration
The federal government showed a major drop in commercial crude oil inventories, but refined petroleum products show an increase.
GasBuddy’s Patrick DeHaan thinks gas prices will start to drop gradually.
Federal data released Thursday show gasoline demand is charting new heights, as oil prices step back from a 6-year-high.
But changes in usage of such energy sources likened to a game of ‘whack-a-mole.’
Even with gas prices at the highest level in 6 years, demand is outpacing supplies.
A small dip in implied demand was attributed to inclement weather.
While supply is finally catching up with demand for gas in the U.S., a shortage of truckers to move it is keeping prices sticky.
Should U.S. oil prices run too hot, they will approach global prices and diminish incentives to export.
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