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yesplease
Fission
Joined: Oct 03, 2006
Posts: 2100
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 Posted: Fri Jul 18, 2008 9:56 am Post subject: U.S. Fuel Use Drops Most in 17 Years |
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| Quote: | July 18 (Bloomberg) -- U.S. fuel consumption fell 3 percent in the first half of 2008, the biggest decline for the period in 17 years, as high prices and a slowing economy curbed demand, an oil industry report today showed.
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Crude oil imports fell 2.5 percent from a year ago, and gasoline imports dropped about 10 percent, the report said. |
Link.
Opinion- A 10% drop in gasoline imports! I know some on the forums believe that people will continue to use gas at every increasing rates no matter what the price, but the American consumer is not immune to higher oil prices. Puts oil's jumpy price into perspective I guess since everyone seems to be wondering what demand will do. The biggest question is with current projections (via TOD) and prices, what will the world's largest per capita oil consumer do? If behavior is similar to the last time oil prices were this high, we may see a ~10+% drop in consumption before we see peak.
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Bas
Moderator
Joined: Mar 26, 2005
Posts: 3687
Location: over here
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| Posted: Fri Jul 18, 2008 10:19 am Post subject: Re: U.S. Fuel Use Drops Most in 17 Years |
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This is resulting, right now in a defacto shift of oil use from the West to the East (China etc) like many of us have been expecting for years, this may continue for quite a while too, even past peak oil (if we haven't peaked already) after which oil use may go down faster in the West than it does in the east as the marginal production opportunities created by oil are and be greater there than it is in the US and, to a much lesser extent but also in Europe. It will all converge at some point though.
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joeltrout
Light Sweet Crude
Joined: Sep 19, 2007
Posts: 1091
Location: Land of the Tongva tribe
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| Posted: Fri Jul 18, 2008 10:28 am Post subject: Re: U.S. Fuel Use Drops Most in 17 Years |
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The US is welcoming demand destruction and after the Olympics China will usher it in also.
$80 oil here we come. Good thing $80 is still high.
joeltrout
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FoxV
Light Sweet Crude
Joined: Mar 02, 2005
Posts: 1337
Location: Canada
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| Posted: Fri Jul 18, 2008 12:44 pm Post subject: Re: U.S. Fuel Use Drops Most in 17 Years |
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| joeltrout wrote: | The US is welcoming demand destruction and after the Olympics China will usher it in also.
$80 oil here we come. Good thing $80 is still high.
joeltrout |
Will never happen. If oil drops to $80, then any demand drop in the US will be quickly picked up by the many countries with subsidized fuel that are experiencing shortages right now (particularly India and China)
The other part to the oil price equation is the USD. We've only started the banking collapse. There's a lot more write-offs to go yet (and lets not forget Freddie and Fannie are about to go belly-up). If oil drops to $80, Fed rate drops to 0%.
Oil may reach $100 from a technical swing, but barring something like a world pandemic, we'll never see oil in single digits again.
Last edited by FoxV on Fri Jul 18, 2008 12:53 pm; edited 1 time in total |
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frankthetank
Fusion
Joined: Sep 16, 2004
Posts: 4279
Location: Southwest WI
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| Posted: Fri Jul 18, 2008 12:46 pm Post subject: Re: U.S. Fuel Use Drops Most in 17 Years |
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People still driving like crazy up in these parts. I really haven't noticed much of a decrease. The price goes back down a buck a gallon and people will start buying SUV's again.
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"Oil is going up because we use too much oil, and the capacity to replace reserves is dwindling"
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kublikhan
Intermediate Crude
Joined: Nov 06, 2007
Posts: 625
Location: Illinois
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| Posted: Fri Jul 18, 2008 2:25 pm Post subject: Re: U.S. Fuel Use Drops Most in 17 Years |
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| FoxV wrote: | | we'll never see oil in single digits again. |
Really going on a limb with that prediction 
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eastbay
Moderator
Joined: Dec 18, 2004
Posts: 4131
Location: One Mile From the Columbia River
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| Posted: Fri Jul 18, 2008 2:36 pm Post subject: Re: U.S. Fuel Use Drops Most in 17 Years |
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| frankthetank wrote: | | People still driving like crazy up in these parts. I really haven't noticed much of a decrease. The price goes back down a buck a gallon and people will start buying SUV's again. |
What he said.
Same here. Roads are still jam packed with cars and trucks driving on $4,25 gas and $4.90 diesel.
One storm, one severe ME sabre rattling, one anything and it's straight back to $145.00 and more.
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shortonoil
Fission
Joined: Dec 02, 2004
Posts: 2531
Location: VA USA
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| Posted: Fri Jul 18, 2008 3:39 pm Post subject: Re: U.S. Fuel Use Drops Most in 17 Years |
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frankthetank said:
| Quote: | | People still driving like crazy up in these parts. I really haven't noticed much of a decrease. The price goes back down a buck a gallon and people will start buying SUV's again. |
The last vestiges of a dying credit economy. They’ll slow down when their bank goes bust or pulls their HELOC and credit cards. |
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