Gasoline demand surged to a a record high as Americans took to the road for the July 4th holiday weekend. Gasoline supplied, a proxy for demand, rose to 10 million barrels a day the week ended July 2, the highest in data going back to 1990, according to the Energy Information Administration. Demand has regained its footing as vaccinations and easing economic restrictions propel more Americans to resume their pre-pandemic lifestyles. Oil prices have risen almost 50% this year as U.S. refineries run close to full-bore to keep up with fuel demand. While the U.S. recovery quickens, the world’s largest oil producers can’t agree on how to supply the market with Saudi Arabia advocating for tempered supply increases given the potential headwinds that still exist. “Demand is bucking with the price spikes and summer driving, but with high gas prices and inflation, the picture in September may look different,” […]