Some readers have suggested that declining gasoline demand is due to more EVs on the road. LOL.
Impossible.
Julianne Geiger has it exactly right: decades of more stringent CAFE standards are finally being felt, and now Americans can driver further, use less gasoline. Link here.
If that was the only factor, the downward trend in gasoline demand (seasonally adjusted) should have been a fairly straight line.
But it isn't. The decrease in gasoline demand is not following a gradually, declining straight line.
The line is very choppy. Why? Covid-19.
During Covid-19, work-from-home (WFH) was the norrm.
Folks that post Covid-19, things would change.
They have, but not much. Upwards of 65% of workers are not returning to the hives where the work gets done.
EV penetration? Inconsequential. It's the "Norway effect."
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