from Zero Hedge
Worries about demand destruction for gasoline appear overblown. Consumers are tolerating record-high prices at the pump as demand continues to rise.
US Energy Information Administration (EIA) data show gasoline prices are up a staggering 51% from a year ago, averaging around $4.32 a gallon on a national level.
[…] Record-high prices at the pump trigger fear that demand destruction is imminent, but that’s not what the data shows in the first half of March.
EIA noted gasoline consumption is up 6% over the year, to 8.9 million barrels per day for the week ending March 11. Demand was 2.3% higher than the two weeks prior. Over the last month, average weekly US gasoline consumption is up 8.6% versus the prior year, to 8.8 million barrels a day.