Update on the WTF Collapse of Demand for Gasoline, Jet Fuel, and Diesel

[marmar]

Update on the WTF Collapse of Demand for Gasoline, Jet Fuel, and Diesel
by Wolf Richter • Jun 17, 2020 •

No “V-shaped recovery back to normal.”
By Wolf Richter for WOLF STREET.


Demand for gasoline collapsed in a stunning and historic manner, starting in mid-March when the measures to slow down the spread of the pandemic took effect, when working from home became the new thing, and when millions of people lost their jobs on a weekly basis and stopped driving to work. Gasoline consumption, after bottoming out in the week ended April 3 with a year-over-year plunge of -48%, to 6.7 million barrels per day, the lowest in the EIA’s data going back to 1991, the great recovery began – and fizzled.

Gasoline consumption in the week ended June 12, at 7.87 million barrels per day, was still down 20.7% year-over-year, according to data reported by the EIA today. It has been about the same 20% year-over-year decline four weeks in a row:



The EIA measures weekly consumption in terms of product supplied, such as by refineries and blenders, and not by retail sales at gas stations.

The level of gasoline consumption of 7.87 million barrels per day is still below any pre-pandemic consumption levels since the week in September 2001 after the 9/11 attacks. The WTF moment came in late March and April, when gasoline consumption collapsed. Even now, gasoline consumption remains below the low points during the Great Recession. And this is the beginning of driving season! ...............(more)

https://wolfstreet.com/2020/06/17/update-on-the-wtf-collapse-of-demand-for-gasoline-jet-fuel-and-diesel/

[chia]

1. Filled my tank on 6/2 and still have 2/3 tank... in my history of SoCal driving that's remarkable

[SoCalNative]

2. Filled mine on March 9th

and still have 3/4 of a tank

[chia]

3. Wow, that's incredible!