VLO - US drivers hit the road - miles driven surpasses pre-pandemic levels

The US Department of Transportation reported Thursday that total miles driven in the US surpassed pre-pandemic levels. Americans drove 277.4b miles in March, up from 272.4b miles during the same month in 2019 (+1.8%), and up from 269.4b miles in March 2021 (+3.0%). Prices at the pump made all-time highs shortly following Russia's invasion of Ukraine, as oil prices (USO) traded above $130 per barrel. Gasoline and diesel prices have again reached all-time highs in May, despite falling oil prices (USO), as refining margins (VLO) (MPC) reached new all time highs.

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US drivers hit the road - miles driven surpasses pre-pandemic levels