US gasoline consumption will eclipse a 2007 record on stronger demand through the end of 2016, the Energy Information Administration (EIA) said today.
The agency lifted its estimated 2016 gasoline consumption to 9.31mn b/d, higher by 0.2pc from estimates in July, according to the latest Short Term Energy Outlook. That volume would exceed a 9.3mn b/d record set in 2007, as increased driving offset more fuel efficient vehicles, the agency said.
Low prices helped spur the increased consumption, with summer retail rates expected to average $2.19/USG, or 6¢/USG lower than last month's estimate. But ample supply from domestic production, imports and storage have stifled refining profits during the period.
US distillate consumption was estimated slightly lower, by 0.1pc, to 3.88mn b/d. The administration cut expected third quarter distillate consumption by 10,000 b/d, to 3.84mn b/d, compared to the July estimate. Fourth quarter consumption would average 3.97mn b/d but first quarter consumption was revised lower, by 10,000 b/d, to 4.05mn b/d.
