Highest Ever U.S. Gasoline Prices Aren’t Destroying Demand

U.S. gasoline demand is not going down despite record-high gasoline prices, which have been beating previous all-time highs on a daily basis in the past two weeks. As of May 16, the nationwide average price of a gallon of regular gasoline was $4.483—the highest on record, according to AAA data. That’s up from $4.328 a week ago, $4.077 a month ago, and a massive jump from $3.044 per gallon on the same day in 2021. Over the past days, U.S. gasoline prices have been setting records day after day. High international crude oil prices, with…