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America’s Oil Demand Is Roaring Back Faster Than Expected

CommoditiesJul 30, 2021 01:45PM ET
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© Bloomberg. A natural gas well being drilled in the Eagle Ford shale in Karnes County, Texas.

(Bloomberg) -- U.S. oil consumption is rushing back much faster from the pandemic slump than first predicted as Americans are hitting the road, unleashing a burst of pent-up travel demand.

Consumption is so strong that the federal Energy Information Administration on Friday pegged May’s demand for U.S. oil products at 20.094 million barrels a day, or almost 7% higher than its original estimate.

The demand, which the EIA classifies as product supplied, still remains below where it was in 2019, before the coronavirus interrupted travel for millions. But surprisingly, it’s within spitting distance of the May 2019 figure of 20.387 million barrels a day.

U.S. fuel demand has been watched around the world as proxy for the economic recovery. Gasoline has led the way, with consumption by motorists hitting a record earlier this summer. The fuel represents about half of all U.S. oil products demand.

©2021 Bloomberg L.P.

America’s Oil Demand Is Roaring Back Faster Than Expected
 

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Comments (1)
Joseph Armour
Joseph Armour Jul 30, 2021 3:44PM ET
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I love the way you generalize the idea of prediction. Be more specific from the first in your title. There are a good deal of people and organizations other than the EIA who 'PREDICTED' a scenario of demand exactly like the one we have now. No, America's oil demand is not much faster than expected, it's just being portrayed that way by certain less-than-honest individuals and organizations. Why? One reason I can think of is for advertising income. After all, what do most of the organizations that distribute information rely on?
Joseph Armour
Joseph Armour Jul 30, 2021 3:44PM ET
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Never doubt these organizations are 'information distribution businesses'. They distribute any information they believe will be gobbled up by their target customers. It doesn't have to be true. It doesn't have to be false. It can be completely made up or anywhere in between. It is always packaged in the same deceptive packaging as every other product sold in the world. If you, as their customer, do not analyze, dissect and vet every byte of information you buy-and you do buy it, willingly or not-then you are the only one to blame if its anything but factually accurate. Let the buyer beware, as in this article right here..
 
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