Daily Energy Report
US miles traveled at a record high, Algeria’s unique role in Europe, OPEC extends voluntary cuts, Oil companies’ reactions to Trump, World Bank predicts oil prices in the low $70s, and more.
Chart of the Day: Us Miles Traveled at Record High, But Gasoline Demand Remains Low
Summary
US miles traveled hit a new record high in August, according to the US Federal Highway Administration. The most recent data shows that miles traveled increased by 0.3% in August over that of July and increased 1.1% year-over-year to an all-time high as shown in Figure (1).
The Figure shows the trends of miles traveled and gasoline demand since 2016. It shows post Covid correlation between gasoline demand and miles traveled and the difference for pre-Covid. One of the striking points is that the gap between them has been increasing in the last three years.