Journalist PR
    Facebook Twitter Instagram
    Journalist PR
    • Tech
    • Entertainment
    • Celebrity
    • Health
    • Games
    • Politics
    • Trending
    Journalist PR
    Home»Finance»Analysts Say That The Drop In Gasoline Demand Is A “Noticeable And Permanent Change”

    Analysts Say That The Drop In Gasoline Demand Is A “Noticeable And Permanent Change”

    0
    By Sam Houston on March 2, 2023 Finance
    Analysts Say That The Drop In Gasoline Demand Is A "Noticeable And Permanent Change"
    Analysts Say That The Drop In Gasoline Demand Is A "Noticeable And Permanent Change"
    Share
    Facebook Twitter LinkedIn Pinterest Email

    One analyst believes that the current trend of declining gasoline use in the United States may be one that will continue for some time.

    Andy Lipow, president of Lipow Oil Associates, was quoted on Yahoo Finance as saying, “There has been a noticeable, and I believe permanent, change toward lower gasoline demand,” According to information provided by the United States Energy Information Administration, the expert pointed out that demand reached its highest point between 2017 and 2019 at little more than 9.3 million barrels per day (EIA).

    Demand in 2020 and 2021 was influenced as a result of the lockdowns that occurred during the epidemic. Yet, compared to the previous year, 2022’s level was 0.5% lower. So far, all indications point to 2023’s demand for gasoline falling farther behind that of 2022.

    “It is the case, in part, because of early retirements,” Ed Morse, head of global commodity research at Citi told Yahoo Finance. “It’s [also] the case in part because of changing work habits on how many days people go to work.”

    The number of days that employees drive to and from work has decreased for many people. Demand was also impacted by the precipitous rise in the cost of energy in 2022, which had an effect as gasoline prices climbed beyond $5 per gallon in the previous year.

    Said Lipow-

    “Not only has working remotely impacted on Americans driving habits, but the higher cost of gasoline has caused the consumer to drive a bit less. Combined with increasing availability and sales of electric vehicles at the expense of gasoline-powered cars, I expect that gasoline demand will continue to decline about 1% annually over the next few years”

    The need for diesel is also decreased, which may be linked to the fact that trucks are also becoming more environmentally friendly along with a decline in the volume of deliveries and trade port traffic.Do You Want Read Latest News Here You Can Check Out:

    • “We Have Hit The Hyper-space Button,” Said Marc Benioff, CEO Of Salesforce
    • Credit ETFs Are Getting Hit Hard By Record Withdrawals Of Almost $12 Billion
    Analysts Say That The Drop In Gasoline Demand Is A "Noticeable And Permanent Change"
    Analysts Say That The Drop In Gasoline Demand Is A “Noticeable And Permanent Change”

    Because of the seasonal nature of gasoline consumption, it is anticipated that motorists will experience an increase in the price of a gallon of gasoline that is greater than the present level of $3.36. As a result of China’s economy picking up the pace of its recovery from the recent slowdowns, some analysts predict that the cost of oil and refined products would rise. This is because China’s economy will be boosting its use of energy.

    Before the start of the summer driving season, Lipow projects that the price of a gallon of gas will be $3.65. He says, “According to my Tarot cards, I do not see the national average of fuel hitting $4.00 per gallon.” On Wednesday, futures contracts for Brent crude (BZ=F) were trading at a price above $84 per barrel, while contracts for West Texas Intermediate crude (CL=F) were trading at a price above $77 per barrel.

    Our motto is “information on time,” and our proud staff places a high weight on the meaning of these words. The Journalistpr platform offers the most up-to-date information available. We strongly encourage visitors to our website to check back frequently for the most recent updates.

    Our motto is “information on time,” and our proud staff places a high weight on the meaning of these words. The Journalist PR platform offers the most up-to-date information available. We strongly encourage visitors to our website to check back frequently for the most recent updates.

    (Source Link)

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Avatar photo
    Sam Houston

    Journalistpr bestselling author Sam Houston is a former journalist who has interviewed murderers on death row, flown over L.A. with the LAPD. He’s also reported from the Caribbean, Africa and Kuwait’s border with Iraq. His books have been published in nearly 30 countries, including an illegal translation produced in Iran.

    Related Posts

    After A Two-year Saga, Texas Will Sell Its Record $3.5 Billion Municipal Deal

    After A Two-year Saga, Texas Will Sell Its Record $3.5 Billion Municipal Deal

    March 7, 2023
    Before The Fed Chair's Testimony, Oil Goes Up For The Sixth Time In A Row

    Before The Fed Chair’s Testimony, Oil Goes Up For The Sixth Time In A Row

    March 7, 2023
    Rivian Plans To Raise Money By Selling $1.3 Billion In Bonds, Shares Fall

    Rivian Plans To Raise Money By Selling $1.3 Billion In Bonds, Shares Fall

    March 7, 2023

    Leave A Reply Cancel Reply

    Latest Post
    Def Leppard Drummer Rick Allen Assaulted In Florida

    Def Leppard Drummer Rick Allen Assaulted In Florida

    March 19, 2023
    Rod Stewart Illness

    Rod Stewart Illness: The Latest Updates and Reactions About His Health!

    March 19, 2023
    Are Isha and Michael Still Together in 2023

    Are Isha and Michael Still Together in 2023? The Latest Update on Their Romance!

    March 19, 2023
    Is My Hero Academia Ending

    Is My Hero Academia Ending: A Letdown for Fans or a Perfect Conclusion?

    March 19, 2023
    Is Bill Self Sick?

    Is Bill Self Sick? He Is Comeback for NCAA Tournament Following Heart Procedure

    March 19, 2023
    Video Released In Fatal Police Shooting of Najee Seabrooks

    Video, 911 Calls, Released In Fatal Police Shooting of Najee Seabrooks!

    March 19, 2023
    About Us

    Here on this Blog journalistpr.com, we will share all the best and authentic information related to Tech news and lots more.

    The modern age requires people to be informed about the latest events in the world. Information portal «journalist PR» is engaged in news coverage of science and technology. Information is provided in the most promising online magazine format containing deployed articles, a mass of colourful illustrations and photographs, as well as entertaining videos and full-length science-fiction movies.

    Latest Posts
    Def Leppard Drummer Rick Allen Assaulted In Florida

    Def Leppard Drummer Rick Allen Assaulted In Florida

    March 19, 2023
    Rod Stewart Illness

    Rod Stewart Illness: The Latest Updates and Reactions About His Health!

    March 19, 2023
    Are Isha and Michael Still Together in 2023

    Are Isha and Michael Still Together in 2023? The Latest Update on Their Romance!

    March 19, 2023
    Follow Us On
    • Facebook
    • Twitter

    Type above and press Enter to search. Press Esc to cancel.

    Go to mobile version