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Data: EIA; Chart: Axios Visuals

U.S. demand for gasoline rose again last week, per Energy Information Administration data that provides the latest sign of fuel consumption recovering a bit.

Why it matters: EIA's weekly data is preliminary and can be noisy, but it was the latest of several weeks of increases, and it's consistent with other signs of driving starting to pick back up.

  • The chart above shows product supplied, which is a proxy for consumption.

The big picture: Crude oil prices have also climbed out of their April depths as producers cut back supply and demand starts recovering somewhat from the unprecedented pandemic-fueled collapse.

But, but, but: Oil prices remain far below profitable levels for huge swaths of the industry amid the gigantic supply glut that's straining global storage infrastructure.

  • "The overwhelming glut is threatening one of the world’s vital industries and could prolong the economic fallout from the coronavirus," The Wall Street Journal notes in an in-depth look at the crisis this morning.

Go deeper

Dion Rabouin, author of Markets
Aug 12, 2020 - Economy & Business

U.S. producer prices rose last month by the most since October 2018

Data: U.S Bureau of Labor Statistics; Chart: Axios Visuals

U.S. producer prices rose by the most since October 2018 last month, following a 0.2% decline in June.

Details: U.S. PPI for final demand, a measurement of prices paid by businesses, increased 0.6% last month, driven by a surge in portfolio management fees and the rising cost of gasoline.

Updated 12 hours ago - Sports

The potential GOAT of chess faces intriguing challenger

Illustration: Sarah Grillo/Axios

The World Chess Championship between Norway's Magnus Carlsen and Russia's Ian Nepomniachtchi began on Friday, 1,094 days after Carlsen won his fourth consecutive title.

Why it matters: During the long, COVID-fueled layoff, chess entered a new era, and with the championship finally here, the age-old game is ready for its close-up.

Department of Interior proposes raising cost of drilling on public lands

A horizontal drilling rig and a pump jack sit on federal land in Lea County, New Mexico. Photo: Callaghan O'Hare/Bloomberg via Getty Images

Oil and gas companies should pay more to drill on federal lands and waters, the Department of the Interior argued in a report released Friday, saying that the current rates were "outdated."

Driving the news: The Department of Interior report said that the federal government's oil and gas leasing and permitting program "fails to provide a fair return to taxpayers, even before factoring in the resulting climate-related costs that must be borne by taxpayers."

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