U.S. gasoline consumption has leveled off as the stimulus provided by low and falling oil prices between 2014 and 2016 has faded, so refiners are increasingly turning to diesel and customers in emerging markets. U.S. gasoline consumption is forecast to rise by just 40,000 barrels per day (bpd) in 2018, after remaining essentially unchanged last year, according to the U.S. Energy Information Administration. Slower consumption growth stands in contrast to the earlier surge when usage rose by almost 260,000 bpd in 2015 and another 140,000 bpd in 2016 (“Short-Term Energy Outlook”, EIA, February 2018). Traffic volumes are also growing more slowly, after rising sharply during most of 2015 and 2016, according to separate estimates from the Federal Highway Administration. Traffic on U.S. roads was up by less than 1 percent in the three […]