Gasoline demand soars

Gasoline demand in the United States hit a record high in data going back to 1990 during the week leading up to the July 4 holiday weekend.

A proxy for demand, gasoline supplies rose to 10 million barrels a day the week ended July 2, according to the federal Energy Information Administration.

Traders had been watching the EIA figures closely to determine whether demand for the fuel would fully recover from the depths of the pandemic.

The inflection point underscores how dramatic the comeback has been in one of the world’s largest fuel-consuming nations as lockdowns ease and people take to the roads again.

The rebound, along with limited supply increases from the world’s largest producers, has propelled pump prices to the highest since 2014 and raised inflationary alarm bells among economists.