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Oil Demand Drops Amid Global Shifts | San Antonio News
Global oil demand is plummeting this year — the first drop since 2020 — as geopolitical tensions between the U.S. and Iran disrupt key shipping routes like the Strait of Hormuz. The International Energy Agency reports a steep decline, especially in Asia, with China slashing purchases, tapping reserves, and shifting to electric vehicles. Despite renewed conflict, oil prices haven’t spiked as expected, thanks to oversupply from damaged Middle Eastern and Russian refineries. Meanwhile, U.S. drivers keep hitting the road — even as gas prices climb — because fuel now costs a smaller share of…
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