According to the U.S. Energy Information Administration, average monthly gasoline consumption has fallen below the 2020 level. The demand surge a week earlier turned out to be only a temporary recovery. 

Currently, gasoline consumption in the states is more than 1 million barrels behind pre-pandemic levels. How much is gasoline in the US? Gasoline prices have fallen for 50 straight days. But rising inflation is still holding back motorists’ demand for fuel. Falling consumption leads to similar price trends. 

Gasoline futures are down almost 11% today. This drop stands out clearly on the price of gasoline in the US. Shares of U.S. oil and gas companies synchronously reacted to the drop in prices. Today, the energy sector was the only one in the S&P 500 index, which ended trading in the negative. 

Meanwhile, natural gas in the U.S. is rising despite declining oil prices. While Brent crude is falling below $97 a barrel, gas has jumped back above $8 per million British thermal units. Quotations are heading towards their local highs. 

The reason: many states continue to experience intense heat, keeping demand for electricity in the summer season. While gasoline demand falls, citizens’ demand for other fuels remains steady.