How long do you think it will take for U.S. gasoline demand to shed the influence...

How long do you think it will take for U.S. gasoline demand to shed the influence of COVID-19? Explain.

Expert Solution

The global declilned demand for the fuel and crued oil you are witnessing is due to the global recession. as a natural resource the supply of crude oil can't be curtailed and due to greater supply the prices are way lower than expected.

due to COVID-19 impact various airlines have been suspended till further notice and as a result the high consuming sector for the resource has impacted the demand.

In 2019, about 142.23 billion gallons (or about 3.39 billion barrels) of finished motor gasoline were consumed in the United States, an average of about 389.68 million gallons (or about 9.28 million barrels) per day.

(source -delloitte report)

as per BBC news - That, together with the collapse in demand for oil amid the coronavirus pandemic, help to push oil prices to 18-year lows by the end of March.

in a recent news - gulf countries agreed to cut the oil production by 1/5th

after studying the above data we can conclude we are in a long fight and the situation will get normal after the proper vaccination of COVID-19 and after that the situation won't get normal all of a sudden because airlines would operate with a limited area and under restrictive observations.

therefore it will take probably somewhere around one and a half year to get the situation normal

Rahul Sunny answered 6 months ago

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