44 comments on A Few Thoughts on US Petroleum Demand, Inventories, and Prices
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44 comments on A Few Thoughts on US Petroleum Demand, Inventories, and Prices
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I think that is a very safe bet. For usage to go back up to 2006/2007 levels one needs the economy to recover enough to allow for discretionary driving on top of full commuting driving and for the price to stay below 2007 levels.
The economy does not appear headed for a recovery soon. By the time it does recover, the price of oil will be much higher due to the supply dropping off.
Does US consumption include how much it takes to support our soldiers in Iraq and Afghanistan? I think I recall hearing that it takes on the order of 16 gallons a day per soldier.
That is less than 100,000 barrels a day, we barely acknowledge such a small figure.