API: February Gasoline Demand Broke Records

I missed this (reported yesterday, March 17, 2010): The American Petroleum Institute says that the US demand for gasoline broke records in February.

I thought the winter storms had brought everything to a halt. I clearly remember hearing that the continuing high unemployment numbers were because of all the people that lost their jobs due to the winter storms in February.

But there it is: the API says that the US demand for gasoline broke records in February, and it was not by a small margin. It was significant.

And they say this is the worst recession ever for the US. My heart goes out for those who are unemployed or underemployed and looking for employment or better employment, but from a macro-economic point of view, this simply does not make sense. To be told this is the worse recession in US history and then learn the US demand for gasoline in February broke records a) when gasoline prices were high; and, b) when storms put everyone out of work, makes no sense whatsoever.

The entire article is very bullish for oil.