Market Data
August 31, 2020
SMU Energy Analysis: Fuel Consumption Down 20 Percent in Q2
Written by Brett Linton
The latest Energy Information Administration estimates show U.S. liquid fuels consumption averaged 16.2 million barrels per day (b/d) in Q2 2020, down 20 percent from Q2 2019 due to COVID-related travel restrictions and reduced economic activity. EIA forecasts U.S. liquid fuels consumption will average 18.9 million b/d in Q3 (down 1.8 million b/d YOY), rising to an average of 20.0 million b/d in 2021. EIA expects crude oil production to average 11.3 million b/d in 2020 and 11.1 million b/d in 2021, both down from 12.2 million b/d in 2019.
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