U.S. summer gasoline consumption reaches new heights

WASHINGTON, D.C. – The consumption of U.S. finished motor gasoline reached a new high of 9.7 million barrels per day in June 2016, surpassing the previous one-month high of 9.6 million barrels per day set in July 2007.

U.S. gasoline consumption during summer 2016 (June through August) increased by 169,000 barrels per day, or 1.8%, relative to the same period in 2015. The increase in gasoline consumption was slightly lower than the increase in driving, suggesting that fuel economy improvements slightly mitigated the increase.

Vehicle miles traveled (VMT) were also high in summer 2016, setting a new record in June. From summer 2015 to summer 2016, VMT grew by 9.3 billion miles per day, an increase of nearly 3.0%. This is slightly more than the 1.8% growth in gasoline consumption over that period. Compared to summer 2007, summer 2016 VMT increased more than 6.4%, while gasoline consumption only increased 0.5%.

The average price for regular unleaded gasoline is $2.21 per gallon as of October 31, which is one cent cheaper than one week ago, the same price compared to one month ago and three cents more than the same date last year. National gas prices have now dropped for six consecutive days, but the usual seasonal decline has stalled as prices have remained roughly the same since early September.

The October Short-Term Energy Outlook forecasts an annual gasoline consumption increase of 0.5% from 2016 to 2017, based on a 1.3% increase in travel and improvements in fuel economy.