Big Take23 Jan 2023

Gasoline Starts Its Long, Slow Ride Down

Even though Americans are driving more than ever before, they’re using less fuel to do it. Gasoline demand in the US hasn’t bounced back to pre-Covid levels, and for all kinds of reasons, it likely never will.

In the long run, that will mean relief from high gas prices. But the decline of fossil fuels won’t be quick — or painless. As the oil industry recalibrates to meet the new reality and seeks to maximize profits, we could see price spikes and periodic supply crunches.

Bloomberg journalists Lynn Doan, Chunzi Xu and Millie Munshi join this episode to talk about why gasoline use is trending lower, even as Americans pile on more miles in their cars. And energy analyst Mark Finley of Rice University's Baker Institute for Public Policy explains how diminishing gasoline use could impact not just consumers and companies, but US national security, and America’s relationship with China and the rest of the world.

Learn more about this story: https://bloom.bg/3J8TBQt

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