Apr 16, 2020 - Energy & Environment

Coronavirus fuels historic drop in jet fuel demand

Reproduced from EIA; Chart: Axios Visuals
Reproduced from EIA; Chart: Axios Visuals

The amount of jet fuel airplanes consumed last week in the U.S. plummeted to the lowest level on record, shows new government data going back nearly 30 years.

Driving the news: No other crisis in modern history has come even close to causing such a precipitous drop in demand as the novel coronavirus — including the 9/11 terrorist attacks and the 2008 economic crash.

The big picture: As the pandemic threatens lives and shuts down economies around the world, it's compelling most of us to stay home and not drive or fly.

What we're watching: How quickly demand picks back up. Consultancy Rystad Energy predicts that by the end of the year demand will be close--but still lower than--pre-pandemic levels.

Go deeper: Gasoline demand dropped a similarly staggering amount the week before.

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