API: Consumers responding to higher gas prices

Consumers apparently reacted to higher prices as US gasoline demand during the second quarter dropped 0.4% to an average 9.2 million b/d, the American Petroleum Institute said July 19. The decline contrasted with comparable periods in previous years when gasoline demand rose 1.5-2% year-to-year, said Ronald J. Planting, information and analysis manager in API’s statistics department.But the reaction may have lasted only 2 months, since total gasoline deliveries in June increased 2.1% year-to-year to an average of 9.58 million b/d. Average gasoline demand during the first half rose by only 4,000 b/d to 9.06 million b/d, API’s statistics show.“In fact, most products showed...

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