CNBC reports that "rumors about the demise of U.S. gasoline demand have been greatly exaggerated."
"Until late 2013, most energy observers forecast the world's most reliably gas-guzzling market to consume less fuel this year. What was once thought to be a structural decline in demand, however, has proven more durable than expected."
"As the summer driving season nears, retail gas remains stubbornly lodged near $4 per gallon. According to the Energy Information Administration, gas prices rose for 12 straight weeks through late April, and were 20 cents a gallon higher than the same point last year."
"So what gives?"
"'The world's not swimming in crude or gasoline yet,' said Francisco Blanch, commodities strategist at Bank of America-Merrill Lynch, in an interview. 'Despite all the crude and gasoline production in the U.S., international markets are not tagging along.'"