US Drivers Begin to Balk at Record Gas Prices
- Prices are up about 50% year on year with little relief ahead
- Demand pullback casts doubt on strong driving season forecasts
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US gasoline demand -- earlier expected to hold strong this summer despite soaring prices -- is starting to show signs of cracks.
Demand on a four-week rolling basis just tumbled to the lowest level for this time of year since 2013, not counting 2020 when consumption was shattered due to the pandemic. Compared to 2021 levels, demand is down nearly 5%, data from the Energy Information Administration show.