EIA: US gasoline demand falls for third consecutive month
New York (Reuters)—US gasoline demand fell year-over-year for the third consecutive month in March, according to federal data, putting the country on track for its first year-over-year decline since 2012.
The modest drop in US gasoline demand was offset by strong demand for distillates, helping push total oil demand up by 2.1% in March vs. last year, according to EIA's Petroleum Supply Monthly report.
US gasoline demand fell by 0.5% to 9.353 MMbpd in March vs. last year, EIA data shows. Demand fell by 1.9% in January and 2.4% in February. US refiners and analysts have blamed poor weather and even President Donald Trump's immigration policy for the weak demand early this year. They still expect gasoline demand will rise modestly from last year's record levels.
US gasoline demand, which accounts for 10% of global consumption, has risen each year since 2012. US distillate demand was up 5.4% to 4.15 MMbpd in March compared with last year, EIA data showed.
The weak US gasoline is at odds with driving volumes, which are on pace for another record year, suggesting that stronger fuel efficiency standards are starting to take hold.
Motorists logged 272 B mi (438 billion km) on US roads and highways in March, a 0.8% increase year-on-year, according to the latest data released by the US Department of Transportation.
US vehicle miles traveled were up 1.5% year-over-year through the first three months of 2017.
(Reporting by Jarrett Renshaw; editing by Lisa Shumaker)
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