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Petroleum brand Valvoline struck a deal this week with Saudi Arabia’s Aramco, which sees the American company selling its global products business for $2.65 billion.

The deal sees Aramco taking ownership of Valvoline’s products used globally, while Valvoline would retain its global rights to the brand name itself for use in retail services, except in China and certain countries in the Middle East and Africa.

Gasoline demand in the United States hit an all-time high in 2006, and ever since then has been on the decline. Aided by rising prices, more efficient vehicles, and a slowing population growth, the United States as a whole is not only using less gas than before the recession, but we as a country have entered into a continued trend of decreased gasoline demand, which government officials and industry executives believe will be a permanent trend from this point forward. While current usage is about 8% less than the 2006 peak, experts expect to see as much as a 20% reduction in gasoline use by 2030.