US motor gasoline demand remains resilient

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Motor gasoline demand growth remains resilient despite the record high retail motor gasoline prices and soft economic growth environment in the United States, which in turn has renewed concerns about the reliability of the official demand data, according to market research by Goldman Sachs.

“In our view these concerns are unfounded as gasoline demand growth continues to be driven by year-over-year price changes, which have averaged a modest 5 percent in the past four weeks, rather than price levels, which have reached record highs,” said Goldman Sachs in its Energy Weekly report.

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