Gasoline price crude prop shows signs of stress

Gasoline demand this summer in the United States will be at its lowest level in 11 years while the price sets a record high. What gives? The price of crude oil, that's what. The Energy Information Administration projects driving-season gasoline demand at 8.8 million b/d. The April-September average hasn't been that low since 2001. The record year for summertime gasoline use was 2007, at 9.4 million b/d. Restraining consumption this year are vehicle fuel-efficiency improvements and high prices. But markets change quickly. On Apr. 23, the US average retail price of gasoline slipped below its year-earlier to $3.87/gal. It was the third consecutive week of decline from the 2012 peak of $3.94/...

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