This week’s SnapChart shows the precipitous fall of US gasoline demand as a result of the Coronavirus lockdowns. In just a few weeks gasoline consumption was cut in half, from 9.5 to 5 MMB/d. But starting in May, the unprecedented situation has started to turn around. Traffic is returning to American freeways and gasoline consumption has already rebounded 30 percent off the bottom.
With more States relaxing their stay-at-home orders this month, American’s should be itching to hit the road. Commuting traffic is starting to inch back. The Memorial long weekend, the traditional start to the summer driving season, is less than two weeks away. While this year is far from normal, the loosening of lockdowns and the advent of summer should keep gasoline demand on the road to recovery and perhaps even in the fast lane.