Low oil prices are driving up gasoline consumption in the US
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Gasoline consumption is up this year, likely thanks to low oil prices.
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Reuters' John Kemp reports that it's above the 10-year seasonal average and continues to climb. Notably, this chart also shows that consumption was substantially below the seasonal average last year when oil prices were high, until about November, when prices began to plummet.
US GASOLINE CONSUMPTION is rising strongly and now ahead of the 10yr seasonal average: pic.twitter.com/c8jQf4AwqC
- John Kemp (@JKempEnergy) May 28, 2015
Looks like it's time to plan a summer road trip.
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