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89 comments on Oilwatch Monthly July 2009

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Gail the Actuary on July 14, 2009 - 12:01am Permalink | Subthread | Comments top

Thanks for posting this!

One thing I notice is that current crude oil production is back down at the level it was in 2004. It seems like that is significant, especially considering that China and India have grown quite a bit since 2004, leaving less for the rest of us.

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erichacker on July 14, 2009 - 8:46am Permalink | Subthread | Parent | Comments top

What I find interesting is that in the US, the number of jobs is back down to 1999 levels. I would imagine this is similar in other OECD countries from what I have heard generally. Yet oil consumption does not appear to have dropped off nearly as much at 2004 levels.

I wish I had time to dig into this in more detail, maybe I'm missing something.

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The Dude on July 14, 2009 - 11:13am Permalink | Subthread | Parent | Comments top

Gasoline demand hasn't budged much, people still need to drive, possibly more than ever, as they tool around looking for work; the same not being true of more discretionary air travel = jet fuel; with the economy in the shape it is consumption of distillates is down and we have a record build in stocks. Thus it isn't surprising to see gasoline consumption holding steady.

This is a chart of gasoline/jet fuel/distillate consumption YOY:

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89 comments on Oilwatch Monthly July 2009

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