U.S. Gasoline Use Rising to Record This Summer on Low Prices by Mark Shenk U.S.
ID: 1137220 • Letter: U
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U.S. Gasoline Use Rising to Record This Summer on Low Prices by Mark Shenk U.S. Gasoline Use Rising to Record This Summer on Low Prices by Mark Shenlk June 7,2016, 12:23 PM EDT June 8, 2016, 12:01 AM EDT Gasoline consumption to average 9.5 million barrels a day: EIA WTI crude seen averaging $42 83/bbl in 2016, $51.82 in 2017 Oil Producers Respond to Meet Demand on Prices Gain U.S. gasoline consumption is set to climb to a record this summer as the lowest pump prices in more than a decade encourage the roads. Demand, which typically peaks between the Memorial Day holiday in late May and Labor Day in early September, wil average a record 9.5 million and third quarters, up from 9.48 million forecast in May, the Energy Information Administration said in its monthly Short y Outlook released Gas Guzzling U.S. demand for the motor fuel forecast to hit a new peak this year Annual U.S. Gasoline Demand 9.3 9.1Explanation / Answer
C. Supply curves shifts to right.
As the number of sellers will increase more gasoline will be sold shifting the supply curve towards right.
A. Price decreases and quantity increases.
Demand remaining the same, if supply will increase the equilibrium price will go down.
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