U.S. Gasoline Demand Stayed Strong Despite Higher Prices, IEA Says

U.S. gasoline demand showed unexpectedly strong momentum despite rising fuel prices and weakening consumer confidence, the International Energy Agency (IEA) said. According to Jin10, the IEA reported that gasoline consumption in March and April rose an average of 1.5% year over year, reversing a 12-month decline. The IEA said demand still increased even though pump prices have climbed nearly 50% since the outbreak of the conflict. Preliminary data indicated that growth slowed in May and June, the agency said. The IEA noted that U.S. drivers account for nearly one-third of global gasoline consumption, making U.S. fuel use a key factor for the market. While some of the recent increase may reflect consumer stockpiling, the IEA forecast that demand growth through 2027 will return to levels closer to historical trends.