Thanks to spiking COVID-19 cases, US gasoline consumption in the second week of April amounted to just 49 percent of volumes during the same period in 2019. Thanks to spiking COVID-19 cases, U.S. gasoline consumption in the second week of April amounted to just 49 percent of volumes during the same period in 2019. Since hitting that low point, the year-on-year gap in U.S. gasoline demand has steadily shrunk and is now more than halfway back from pre-pandemic levels, IHS Markit’s Oil Price Information Service (OPIS) reported Wednesday. The latest OPIS survey finds that demand was 22 percent lower during the second week of June against the corresponding period last year, IHS Markit noted in a written statement emailed to Rigzone. “Although people talk about ‘demand destruction,’ it’s actually been ‘demand contraction’ in response to the economic shutdown,” remarked IHS Markit Vice Chairman Daniel Yergin. “And now we’re seeing […]