Thursday, July 3, 2008

Markets Work -- US Oil Consumption Drops To 2002 Levels

For most of the post-WWII era US oil consumption went up year after year. One deviation from that came in the early 1980s. An even longer lasting and probably permanent deviation from that trend is developing. Americans have traveled back in a sort of time machine to 2002 levels of oil usage.
The U.S. Energy Information Administration revised downward U.S. April oil demand by 863,000 barrels per day (bpd) to 19.77 million bpd -- 3.9 percent below year-ago levels. The revision, which showed April demand was the lowest for the month since April 2002, came even before gasoline prices surged to new records in June.
But on a per capita basis the reduction in oil usage is even larger since the US population grows about 1% per year. So has US oil usage per capita gone down 10% since 2002? 
FuturePundit -- US Oil Comsumption Falls Back To 2002 Levels

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