"U.S. demand has been pressured by a mix of factors, including more people flying instead of driving long distances and more fuel-efficient cars and electric vehicles, UBS analyst Giovanni Staunovo said last month."
Like bankruptcy, the energy transition happens slowly and then all of a sudden. 20% of 2023 global light vehicle sales were EVs and hybrids, and the manufacturing ramp rate for EVs is rapidly accelerating.
https://www.reuters.com/markets/commodities/global-gasoline-...
Having said that, it's only 1.7% below last year.