Wanna Go For A Drive?

Denise Raymond - Thursday, April 02, 2015

As oil prices continue to slug along, there is a bright spot in the industry– gas consumption continues to go up…according to Down Stream Today, motorists drove an estimated 237.3 billion miles (381.9 billion km) in January, the most ever for the month, according to data from the Federal Highway Administration.

“It was the 11th consecutive month of year-to-year growth and followed a 5 percent rise in December, the fastest rate in at least a decade. Last year, motorists drove over 3 trillion miles, the highest mileage since 2007,” according to the publication.

Analysts have attributed the swift rise in mileage to several factors, including gasoline prices that sank briefly below $2 a gallon in January, as well as a spike in new car sales and a low baseline during the severe winter of 2014.

The mileage figures provide an early indicator on underlying consumption of gasoline, official data on which is due to be released next week by the Energy Information Administration. In December, gasoline demand rose by 4.4 percent.

You can look at the full article in Downstream Today here.

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