American Drivers Signal a Top in Gasoline Demand: Liam Denning

Labor Day weekend, marking the end of the US summer driving season, is typically the year’s last hurrah for gasoline producers. This year, the high-fives were reserved for drivers (and White House occupants): The average pre-long weekend pump price was down 13% from last year after gasoline refining margins collapsed in August. Pump prices have eased further this week.

This summer, Americans got back to driving about as much as they did before the pandemic, in terms of trailing 12-month vehicle miles traveled. Yet gasoline demand is down so far this year, and remains about 4% below the ...