Jet Fuel Demand Needs A Vaccine

1. Spending on electricity surpassed fuels- For the first time since 1960, U.S. consumers spent more on electricity than they did on gasoline and other fuels. - The shift is the result of the plunge in spending on fuel (from reduced mobility) and a sharp increase in spending on electricity. - In April, Americans spent 1.65 percent of their personal income on electricity, and 1.14 percent on fuels. - The shift is not permanent, but as EVs spread over time, more spending will be allocated to electricity relative to fuels. 2. Refineries hit hard in…