U.S. petroleum consumption hits lowest point in decades due to COVID-19, EIA reports
As a result of travel restrictions and the general economic slowdown brought about by COVID-19 and efforts to contain it, consumption of petroleum products has hit its lowest point in the United States in decades, according to the U.S. Energy Information Administration (EIA).
Based on changes in the total product supplied, EIA concluded this week that total petroleum demand averaged 14.1 million barrels per day (b/d) in the week of April 17, 2020, up from 13.8 million b/d the previous week, which represented the lowest level on records maintained since the early 1990s.
For context, total U.S. petroleum products supplied tumbled by 3.4 million b/d during the week of April 3, the largest weekly decline in EIA’s data series. The weeks following have shown consumption moving toward stabilization. However, even the most recent value from April revealed a value plummet of 31 percent compared to the 2020 average between January and March 13, before many travel restrictions kicked in.
Of petroleum products, motor gasoline consumption has taken the heaviest hit in absolute terms. Through March 13, motor gasoline product supplied had averaged 8.9 million b/d, but after, it fell 40 percent, to 5.3 million b/d. In relative terms, though, it was jet fuel that took the largest drop, plunging 62 percent, from 1.6 million b/d to 612,000 b/d.
Distillate fuel fared better, comparatively, due to its primary use as fuel for trucking, locomotives, and agriculture — all of which have been utilized to deliver necessities during the pandemic and remained largely stable. Even there, product supplied fell from 3.9 million b/d to 3.1 million b/d between March and April.
