U.S. gas consumption hits record high, says gov’t report
U.S. gas consumption has hit a record high, according to a new governmental report.
There’s good news and bad news on gasoline consumption.
Here’s the bad news: U.S. consumption of gasoline has hit a record high. The U.S. Energy Information Administration (EIA) published a report this week saying the amount of gasoline and total miles traveled during the summer set a new record. Total gas consumption in June hit 9.7 million barrels a day, besting the previous record of 9.6 million barrels set in July 2007.
“U.S. gasoline consumption during summer 2016 – June through August – increased by 169,000 bpd, or 1.8 percent, relative to the same period in 2015,” the EIA reported.
That may not be so great for the environment, but there is a silver lining. Miles traveled set a new record for June, up 3% from 2015. This figure is attributed to a more efficient fuel economy, with drivers traveling more miles on less fuel.
Gasoline production is just shy of an all-time record, keeping prices low. According to the Automobile Association of America, the average national price of gas is currently $2.21 per gallon, on par with this time last year. The all-time record average national price was set in July 2008 when gasoline hit $4.11 per gallon.