New data from the U.S. Energy Information Administration [EIA] confirms what the markets have been predicting for weeks: U.S. gasoline demand is in free-fall as Americans respond to the COVID-19 pandemic by remaining at home. Weekly consumption first began to decline for the period ending March 20, falling by 3% YoY as stay-at-home orders took effect in states representing 31% of the U.S. economy. By March 27, with more than 50% of Americans having canceled travel plans and finding themselves engaged in social distancing, weekly gasoline demand was 27% lower on a YoY basis.