Sales of diesel are down and American motorists are starting to hold back spending
US economyAs growth slows in the US economy, warning signs in the energy markets are adding to investor fears that a recession is looming over the world’s biggest fuel guzzler.
While US consumers continue to spend despite the broader economic cooldown, there are signs that they may be beginning to tighten their belts. “What we’re seeing is this ongoing narrative of persistently . . . resilient consumers, and this flagging industrial and business investment sector — which is where you see diesel demand falling off, you see gasoline demand remaining firm,” said Rory Johnston, who runs Commodity Context, a market research service.
That is despite a drop-off in prices, which sit at $3.62 a gallon on average, according to automotive group the AAA, down from $4.16 a gallon a year ago, when the breakout of the war in Ukraine sent them surging to record levels of more than $5 by the summer.
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