Has the "gasoline demand" curve re-set for a new "norm"?
I'm done with conspiracy theories with regard to "gasoline demand." I now accept the numbers that the EIA is providing.
The question is whether the "gasoline demand" curve should be "reset" as the new "norm"?
I don't really care why the "gasoline demand" curve has changed (if it has changed); there could be multiple reasons:
- better mileage on new cars;
- changing driving habits;
- EVs (unlikely yet)
Right now, instead of ten million bbls per day, the new "bar" should be set at nine million bbls per day.
Next summer will be the "tell."
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