America’s Oil Demand Is Roaring Back Faster Than Expected
- EIA pegs demand for U.S. oil products in May almost 7% higher
- U.S. demand provides signal of return from 2020 travel slump
Photographer: Eddie Seal/Bloomberg
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U.S. oil consumption is rushing back much faster from the pandemic slump than first predicted as Americans are hitting the road, unleashing a burst of pent-up travel demand.
Consumption is so strong that the federal Energy Information Administration on Friday pegged May’s demand for U.S. oil products at 20.094 million barrels a day, or almost 7% higher than its original estimate.