The U.S. is by far the world’s largest consumer of gasoline. But consumption has fallen compared with pre-pandemic levels. It’s plausible that the U.S. has passed its peak gasoline use. Americans are driving less partly due to remote and hybrid work and less commuting than pre-COVID. High gas prices may also have contributed to a reduction. Another reason is improving fuel economy, especially with growing adoption of hybrid and electric vehicles. In the first quarter of 2023, electric vehicles accounted for 7.2% of all new car purchases, and EV and hybrid sales are booming. Gasoline is the single-largest use of crude oil. Reducing that will be a boon.
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