U.S. Oil Demand Fell to 18-Year Low for January, API Says

[oyarde]

Disclaimer , I in no way intend to purport that I am old enough to remember that in 1980 - 82 I could get a cold six pack , a hot dog , five gallons of gas, cup of coffee , pack of cigarettes for $10 and get more than $2 in change back , but Zip might be and his memory is better than mine.

[enoch150]

Another year on and US gasoline consumption has now fallen 65% from its peak.



Total vehicle miles driven are stuck at levels reached in late 2004/early 2005. Per capita vehicle miles have to be shrinking over the last nine years.



Oil imports are falling dramatically.



Gasoline production is up.



Gasoline exports have remained high.



And gasoline prices remain elevated.

[Zippyjuan]

Interesting Zip , but, I dunno , what about price correlation ? In the very late 70 's , what, low paying job was maybe $3.10 , gas 90 cents , ? but now a low paying job , say $10 and gas $4 ? so , maybe , less than 1/3 to nearly a 1/2 ?

Most oil was going into the gas tank of cars. Cars today are considerably more efficient than they were back then (when average was maybe 10- 15 mpg). Business and industries have become more efficient at energy use as well (lowers their costs).

[ClydeCoulter]

Most oil was going into the gas tank of cars. Cars today are considerably more efficient than they were back then (when average was maybe 10- 15 mpg). Business and industries have become more efficient at energy use as well (lowers their costs).

You just need to back up a few years, late 60's early 70's, gas was 17 cents per gallon, then quickly went to 34 cents then to 64 cents. The so called "gas shortage" really did the trick on the minds of people.

When I was in highschool, I could find enough pop bottles in the ditch in a short time to fund all evening driving around checking out the strip in the next town over.

[mad cow]

You just need to back up a few years, late 60's early 70's, gas was 17 cents per gallon, then quickly went to 34 cents then to 64 cents. The so called "gas shortage" really did the trick on the minds of people.

When I was in highschool, I could find enough pop bottles in the ditch in a short time to fund all evening driving around checking out the strip in the next town over.

When I was a teenager gas was pretty much always <$0.25/Gal.You could get 6 gallons for one hours work at minimum wage and get change back.

[DFF]

Demand keeps falling, price keeps rising. Got it!

[ClydeCoulter]

When I was a teenager gas was pretty much always <$0.25/Gal.You could get 6 gallons for one hours work at minimum wage and get change back.

And the gas station wars were great. I worked for one, and on the way to work in the morning you would see a lower price, so the boss would lower his. Fill it up with premium! 97 octane!

[oyarde]

My local gas price went to $3.52 today , I saw diesel $3.96 to $4.26 , hate to think about propane or Nat Gas ....

[enoch150]

You just need to back up a few years, late 60's early 70's, gas was 17 cents per gallon, then quickly went to 34 cents then to 64 cents.

Adjusting for inflation, the average annual price of gas stayed between $1.35 and $1.75 from 1950 - 2003, except for a few years in the late 70's and early 80's, due to the idiotic policies of Carter and Nixon.

[enoch150]

And the gas station wars were great. I worked for one, and on the way to work in the morning you would see a lower price, so the boss would lower his. Fill it up with premium! 97 octane!

And now that's becoming illegal in a lot of states.

[tod evans]

And the gas station wars were great. I worked for one, and on the way to work in the morning you would see a lower price, so the boss would lower his. Fill it up with premium! 97 octane!

Sinclair kept one pump at 114 octane....

12-1/2 to 1 motors were the shop class specialty....

I feel for the kids today with their 'puter controlled rice.

[ClydeCoulter]

Adjusting for inflation, the average annual price of gas stayed between $1.35 and $1.75 from 1950 - 2003, except for a few years in the late 70's and early 80's, due to the idiotic policies of Carter and Nixon.

*image removed*

For whose version of inflation?

edit: In the 60's and early 70's bread was 10 loaves for a dollar, now it's what? Compare that to wages. You can't eat an iPad or a 47" flat screen TV. Check out the price of a new car in 1967, it will blow you away.

[thoughtomator]

Energy use is as straight a measure of actual economic activity there is, and we haven't replaced enough of our energy infrastructure with other energy sources for oil use not to be a direct proxy for overall energy use. Oil use at 18 year lows means overall economic activity is at 18 year lows - even after you roll in population growth. This economy produces less than it did 18 years ago, for a population that is something like 30% larger.

[LibForestPaul]

Looks like we found free energy around 2008 and no longer need this silly gasoline

Looked around, where are the exports going, any particular country? (mexico, canada, brazil, argentina my best guesses?)

[enoch150]

Looked around, where are the exports going, any particular country? (mexico, canada, brazil, argentina my best guesses?)

Top countries we exported gasoline to in 2012, in thousands of barrels:

73,695 Mexico
12,585 Venezuela
7,324 Panama
6,592 Guatemala
6,240 Brazil
6,177 Costa Rica
3,554 Ecuador
2,958 Canada
2,844 Chile
2,836 Columbia
2,629 Honduras
2,131 Japan
2,124 Nigeria

All of these charts except the Federal Reserve one came from here (look around under the "Data" tab):

http://www.eia.gov/dnav/pet/pet_move...EEX_mbbl_a.htm