Gasoline Demand Was Declining Before the Price Surge Falling gasoline demand, despite a robust US economy, may suggest prices at about $3.80 a gallon on July 2 are too high. My graphic highlights the declining 12-month average of the Department of Energy's estimate for US crude and liquid-fuel consumption for motor gasoline, which is on pace to fall to 8.7 million barrels a day in 2027 -- the lowest since 2021. The 1H price surge is a primary reason, but falling gasoline demand was already a predominant trend before the Iran war. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/thqx5dn3n09g {BI COMD} #gasoline #crudeoil @Bloomberg(Mike McGlone)