The Energy Information Administration said that U.S. gasoline demand is dropping, and will decline up to 3.5 million gallons per day this summer, compared to 2007accoridng to EIA Administrator Guy Caruso. “Personal disposable income in the period rose by an estimated 0.3%, while gasoline prices rose 31.8% from a year earlier, to average $3.11 a gallon,” said the EIA report. “For the foreseeable future, demographic shifts, the impact of high prices on vehicle efficiency, and the more recent shifts characterized by reduced impact of income on vehicle miles traveled are likely to keep growth in gasoline consumption well below that seen for much of the post-war period,” the report concluded.
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