Demand for gasoline and diesel in the United States has plunged to its lowest seasonally since the onset of the COVID pandemic, according to the Energy Information Administration (EIA), sparking concern that economic activity is now becoming stagnant as refining margins hit news lows not seen in months, Reuters reported. Monthly averages for the week ended May 3 show gasoline demand at 8.63 million barrels per day–a figure not seen since May 2020, at the start of the pandemic, based on EIA data. Data also showed demand for distillates…
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