WASHINGTON, D.C. — Despite it being prime vacation season, U.S. demand for gasoline is expected to hit its lowest level in 11 years, reported the U.S. Energy Information Administration (EIA). High pump prices and the increased use of more efficient vehicles have both encouraged reduced fuel consumption.
Gasoline consumption is expected to average nearly 8.8 million barrels per day (bpd) from April to September, the lowest since 2001 and approximately 6.4 percent less than the record high of 9.4 million bpd in 2007, according to the EIA’s April Short-Term Energy Outlook (STEO). The forecast could still change with the release of the next STEO on May 8, reported the EIA.
Fuel prices, which are expected to be 24 cents higher per gallon than last summer on average, will likely reduce some highway travel and fuel use, but for families who do hit the road for vacation, the cost to fuel up a family vehicle will likely rise modestly. A vehicle that gets 20 miles per gallon and uses 25 gallons during a 500-mile roadtrip will cost an extra $6 in fuel, according to the report.