While the cause of the supply is obvious, whatever has caused demand to fall off is less clear. Barclays has suggested that President Donald Trump's immigrant crackdown has made millions of illegal immigrants living in the US afraid to get behind the wheel for fear of being detained and deported. If this is true, that means Trump is to thank for gasoline prices falling to their lowest levels since February, despite the start of the summer driving season?Note: it is important to note that that gasoline demand hit a record in 2016, so one needs to be a bit cautious comparing this year's gasoline demand with last year's. Note that for the third week in June and the fifth week in May, 2017, might have been an all-time record.
These were just some of the graphs from the blog regarding gasoline demand over the past six months or so, in reverse order (newest come first).
The source for the spreadsheet above and for the graphs below is at this link: https://www.eia.gov/petroleum/weekly/gasoline.php.
June 14, 2017: after a spectacular climb after Trump became president, something happened. It is important to note that gasoline demand hit a record in 2016, so one needs to be a bit cautious comparing this year's gasoline demand with last year's.
March 30, 2017: finally, with the Trump presidency, things started looking up. That's an impressive recovery noted on this date. But then something happened.
January 19, 2017: it looked like gasoline demand was beginning to recover in January, 2017, but then took a dramatic turn.
November 24, 2016: it was back in November, 2016, that I first started noting the decline in gasoline demand, a phenomenon that was not picked up by the mainstream press until June, 2017, or thereabouts.