Oil prices fell on Wednesday after a report was released by the EIA showing an uncharacteristic slowdown in gasoline demand. Despite this demand destruction, it is unlikely that high oil prices will push us into a recession as consumers are in relatively good shape due to strong savings during the pandemic. Experts are divided regarding just how high prices would need to go before a recession becomes inevitable, with some analysts suggesting $150 oil prices could do it. After three straight days of gains, crude prices fell on Wednesday and have continued to slide on Thursday’s intraday session after a report showing an uncharacteristic slowdown in gasoline demand outweighed a bullish crude inventory report. According to the report by the U.S. Energy Information Administration, the four-week moving average of gasoline supplied–considered the best gauge for demand–fell below 9 million barrels a day, which works out to ~600,000 barrels less […]