America’s oil demand has soared to new heights in a remarkable turnaround from just a year ago when the pandemic sent the U.S. economy into a tailspin and decimated demand. A rolling average of U.S. total oil products supplied – an indicator of consumption – jumped to the highest seasonal level in government data going back three decades in the week ending July 2. While gasoline and diesel demand have returned to pre-pandemic levels, a surge in petroleum use for products such as plastic, asphalt, lubricants and other industrial needs is propelling the recovery. “A lot more industry is coming back online,” said Rebecca Babin, senior energy trader at CIBC Private Wealth Management, US. “As the economy gets humming, those other types as well as gasoline and diesel feed into it.” The comeback in U.S. consumption threatens to accelerate a global supply deficit, with the OPEC+ alliance unable to […]