U.S. Cuts Gasoline-Demand Forecast as High Prices Weigh on Drivers

The downward revision in consumption is an extension of the slowdown that’s already apparent — the four-week rolling average of US gasoline demand has fallen further below seasonal norms six weeks into the summer driving season. Meanwhile, despite a sustained drop over the past month or so, the national average pump price is still 48% higher than the same time a year-ago at $4.655 a gallon, according to auto club AAA.

The EIA also forecast retail gasoline prices will average $4.05 a gallon in 2022 and $3.57 a gallon in 2023.