Jim Burkhard
Coverage of Jim Burkhard in the Nexus archive.
- Global oil demand is falling, and crude prices are down. But here’s why gasoline, diesel and other refined products are still costly
Global oil demand is declining due to higher prices and supply disruptions from the U.S.-Iran war, which blocked shipments through the Strait of Hormuz. China significantly reduced oil purchases and strategic reserve fills, while the U.S. saw increased gasoline use despite high prices.
- Global oil demand is dropping, but US drivers keep buying more gas
Global oil demand is expected to decline in 2026 due to higher prices and supply disruptions from the U.S.-Iran war, which blocked shipments through the Strait of Hormuz. China reduced oil purchases by 50% and cut strategic reserves, while U.S. gasoline use increased despite higher prices.
- Global oil demand is dropping, but US drivers keep buying more gas
Global oil demand is declining due to higher prices and supply disruptions from the U.S.-Iran conflict, with China significantly cutting oil purchases and increasing electric vehicle use. However, U.S. gasoline consumption rose despite elevated pump prices.