Gasoline supply in the US posted in May its largest monthly increase since 1945 as lockdowns against the novel coronavirus (COVID-19) eased, the Energy Information Administration (EIA) said in a statement on Thursday.
The US' product supplied of finished motor gasoline increased by 1.3 million barrels per day (bpd) to 7.2 million bpd, soaring by 453%, or 5.9 million bpd, to mark its largest month-over-month increase in volumetric terms, the EIA said.
Although the US' demand for gasoline increased, demand for jet fuel continued to decline in the month of May as airline traffic volume for commercial travelers remain low.
Despite the massive increase, however, the US' gasoline demand in May 2020 is still 24% lower than the level recorded in May 2019, the EIA added.
"Demand for motor gasoline increased in May as many states began to relax stay-at-home orders, but demand for jet fuel continued to decline because of reduced commercial air travel," the statement said.
The US' jet fuel demand decreased by 95,000 bpd, or 14%, from the previous month to average 596,000 bpd in in May 2020 -- the lowest jet fuel demand in the country since 1968, and it was 67% lower than jet fuel demand recorded in May 2019, according to the EIA.
The decline in jet fuel demand in May also marked the third consecutive month in the US that demand for jet fuel posted a decrease.
By Ovunc Kutlu