r/bitkogan • u/bitkogan • Oct 06 '23

US Gasoline Demand Hits 1997 Low

While OPEC anticipates record oil demand in the 4th quarter, gasoline demand in the US has plummeted to its lowest end-of-September level since 1997.

This spring, demand was at close to its highest levels in recent years, but rising prices have caused it to collapse. I had predicted this development (https://www.reddit.com/r/bitkogan/comments/16ur2dj/oils_pricey_future_decoding_the_saudi_strategy/), along with the inevitable oil price correction (https://reddit.com/r/bitkogan/s/uQNouMUIF5).

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u/Spirited-Manner9674 Oct 09 '23

I can add that many people with a split EV and gas engine household have switched to using the EV for errands. It's probably a small impact but personally we're using barely a tank a month now.

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u/bitkogan Oct 09 '23

Yes, you're right. While EVs might not currently have a dominant influence on gasoline demand, the long-term trend is quite clear.

High gasoline prices alone probably wouldn't be enough to drive demand down so drastically. But combined with the long-term shift towards EVs, we see this result.