Oil demand in the US soared during the summer, even as higher pump prices forced many Americans to cut back on driving. Overall petroleum supplied, a proxy for demand, posted its best July since 2019, according to government data released Friday. June was even stronger, with demand for the month at a 16-year high. The boost came despite a marked drop in gasoline consumption , which fell 6% from a year ago and double June’s decline.

Posted in: USA