U.S. retail gasoline prices are at their highest since the pandemic drove widespread lockdowns last March. The national price average is $2.29 a gallon.
The boost in fuel prices comes after global crude futures reached the highest since February after Saudi Arabia cut output earlier this week. Gasoline demand is lagging by 10-15% from a year ago, but with refiners trimming capacity and a weaker U.S. dollar, values have been climbing.
At the same time, Morgan Stanley expects the incoming Biden Administration to match Obama-era fuel efficiency standards that will cut gasoline demand by 5.6% over the next 30 years, according to a research report published Thursday.
Read the article at The Detroit News.
