Cars, bikes, and long haul trucks tell the story of our moment

A cyclist travels along a near empty road in Seattle on March 18, 2020. Foto: Bloomberg photo by Chona Kasinger.

Right now in the U.S., gasoline is as cheap as it's been since 1999. The difference in price for a barrel of oil before and after refining-known in industry parlance as the "crack spread"-was more than $20 earlier this year. Now it's negative.

But even gasoline that costs less than a fistful of gum hasn't been able to stimulate demand. That's "probably down more than 30%," according to one refining CEO, and my BloombergNEF colleagues estimate that U.S. gasoline consumption could fall more than 60% this year...

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