The Car Is Staging a Comeback, Spurring Oil’s Recovery

www.bloomberg.com/news/articles/2020-05-10/the-car-is-staging-a-comeback-spurring-oil-s-recovery

Gasoline demand is rebounding, suggesting that the car — at least for now — is making a comeback. As lockdowns ease and parts of the world reopen for business, driving has emerged as the socially distant transportation mode of choice and is offering some near-term relief to an oil market fresh off its worst crash in history and reeling from an unprecedented collapse in energy demand.

“People are using more their cars because they are afraid to use public transportation,” Patrick Pouyanne, the chief executive of French oil giant Total SA, said.