May 7, 2020 - Energy & Environment

Gasoline demand jump shows limited oil revival

Ben Geman, author of Generate
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

Unpacking a surprise jobs report

Illustration: Rebecca Zisser/Axios

Can we trust this morning's surprisingly good employment report?

  • The short answer: Yes.

The emergency era of environmental policy

Illustration: Aïda Amer/Axios

Welcome to the crisis era of energy and environmental policymaking.

Driving the news: A new White House executive order, citing COVID-19, invokes emergency powers to accelerate and even waive some environmental reviews of infrastructure and energy projects.

HBCUs are missing from the discussion on venture capital's diversity

Illustration: Eniola Odetunde/Axios

Venture capital is beginning a belated conversation about its dearth of black investors and support of black founders, but hasn't yet turned its attention to the trivial participation of historically black colleges and universities (HBCUs) as limited partners in funds.

Why it matters: This increases educational and economic inequality, as the vast majority of VC profits go to limited partners.