“The dual combination of cheaper gas prices and a stronger economy are motivating millions of Americans to drive more,” said Michael Green at AAA, the motorist advocacy organization. “We’ve seen demand up for every month of the year, but it seems like it’s spiked even more as we’ve entered the summer months and people are taking vacations.”
The miles-traveled data is an important indicator of Americans’ driving behavior for oil traders, who track gasoline demand closely.
Gasoline demand in May averaged 9.1 million barrels a day, according to data from the Energy Information Administration.
U.S. gasoline prices during the month were about $2.77 a gallon, the lowest price for the month in at least four years.
U.S. gasoline prices were $2.75 a gallon Thursday, down from $3.57 a year earlier. Americans are likely to pay the lowest annual average gasoline price in 2015 in at least five years, AAA’s Green said.