![Oil And Gas Companies Chevron And Exxon Mobil Profits Surged Last Quarter Oil And Gas Companies Chevron And Exxon Mobil Profits Surged Last Quarter](https://api.time.com/wp-content/uploads/2022/08/usa-gas-prices-summer-2022-driving-less.jpg?quality=85&w=2400)
Americans are officially driving less than they did in the summer of 2020, when pandemic travel restrictions all but halted movement.
The four-week average of US gasoline consumption—the best gauge for the country’s demand—is now more than 1 million barrels a day below pre-Covid seasonal norms, according to Energy Information Administration data.
Read more: High Gas Prices Are Discouraging Americans From Buying Cars Right Now
The drop suggests the glimmer of demand recovery seen last week was fleeting: Though pump prices have fallen for 50 straight days, it’s not enough to lure drivers back to the road with historic inflation constraining consumer budgets.
More from TIME
The dip in demand caused gasoline futures to plunge as much as 11% in New York Wednesday. While that should pull retail prices even lower, the relief at the pump may come too late as the summer driving season nears its end.
Read more: Gas Prices May Be Rising But You’re Still Not Paying for the True Cost of Driving
More Must-Reads from TIME
- Welcome to the Noah Lyles Olympics
- Melinda French Gates Is Going It Alone
- What to Do if You Can’t Afford Your Medications
- How to Buy Groceries Without Breaking the Bank
- Sienna Miller Is the Reason to Watch Horizon
- Why So Many Bitcoin Mining Companies Are Pivoting to AI
- The 15 Best Movies to Watch on a Plane
- Want Weekly Recs on What to Watch, Read, and More? Sign Up for Worth Your Time
Contact us at letters@time.com