The US has a great reason to expect gasoline demand to stay sky-high
Thomson Reuters
U.S. motor travel surged to a record level in February, fueling optimism that gasoline demand will remain bullish as refiners brace for the busy summer driving season.
U.S. motorists logged a record 232.2 billion miles on U.S. roadways in February, the most ever for the month and up 5.6 percent from a year earlier, the U.S. Department of Transportation said.
The 5.6 percent increase was the largest year-over-year bump since at least 1991, the data showed.
The United States has experienced a sustained surge in driving, fueled in large part by cheaper gas and low unemployment. The average U.S. gas price was $2.14 per gallon on Monday, down from $2.52 a year ago, according to motorists' advocacy group AAA.
(Reporting by Jarrett Renshaw; Editing by Paul Simao)