This post was originally published on this site
U.S. gasoline consumption averaged 8.6 million b/d in the first half of 2021, up from 8.3 million b/d in the second half of 2020, driven by a solid economic recovery and increasing societal mobility. Despite the resurgence of the COVID-19 cases, EIA forecasts U.S. gasoline consumption will average 8.8 million b/d in 2021, up from 8.0 million b/d in 2020. The organization expects this trend to continue next year. Thus, major players in the oil & gas industry, BP and XOM, are expected to benefit.
BP shares have declined 3.8% in price over the past six months, while XOM has declined 0.5%. Also, BP’s 6.3% decline over the past three months compares with XOM’s 4.8% slump. However, in terms of past year’s performance, XOM has gained 35.7% while BP gained 13.9%.
