High gasoline prices are cooling demand for gasoline, contrary to the seasonal behavior of drivers. According to the U.S. Energy Information Administration, weekly demand is holding steady at 4 percent below the same period in 2019.
Prices have fluctuated above $4.20 a gallon since hitting a record high in early March. This is further fueling inflation in the states. Coping with rising gasoline prices has been prevented by the conflict in Ukraine, which threatens the stability of commodity supplies.