One more anecdote defusing the popular notion of the “demand destruction” caused by higher gasoline and oil prices.

On the recent earnings call Valero (largest independent US refiner) said the following:

“…there’s really no indication of any demand destruction.
In June, we actually set sales records. We sold 911,000 barrels a day in the month of June, which surpassed our previous record in August of ’18 where we did 904,000 barrels a day.
We read a lot about demand destruction, mobility data showing in that range of 3% to 5% demand destruction.

Again, we’re not seeing it in our system.
We did see a bit of a lull in the first couple of weeks of July, but our seven-day averages now are back to kind of that June level, with gasoline at pre-pandemic levels and diesel continuing to trend above pre-pandemic levels.”

Again, the myth of “demand destruction” popularized by the so-called “economists” who need to reexamine the facts, remains, well,… a myth.

One more anecdote defusing the popular notion of the “demand destruction” caused by higher gasoline and oil prices.

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