Ahead of what is known as ‘driving season’ in the US, when holidaymakers take to the roads in their droves, there has been a spike in petrol demand in the country, with around 9.755 million barrels per day being sold in the week starting May 9.
This amount of oil consumption has only reached higher levels once before, and that was way back in August 2007, according to the US Energy Information Administration.
Although most analysts are still debating just how accurate these figures are, and they could be revised at a later date, TAC Energy’s director of supply and trading, Mark Anderle, has noted that demand for petrol has remained ‘solid’, and that all experts agree on this.
It is not only the United States that is driving up demand for oil, with fuel demand in India, Russia and China increasing steadily, according to a monthly oil support by the International Energy Agency. The watchdog believes that any future changes to its global consumption forecast are much more likely to see consumption rise than fall as the demand for gasoline experiences strong growth.
The increased demand for petrol across the world has been a key factor in oil prices rising to nearly $50 (£34.13) per barrel, from a high of just $30 (£20.48) at the beginning of the year, giving a boost to big oil companies like Fuchs Petrolub, which offers products like Fuchs WSP 783-L, and increasing optimism in the industry as a whole.