Some random comments regarding US gasoline demand.
- The numbers seem not to reflect what we're seeing in North Texas.
- A couple of months ago, many of us suggested there was some questionable activity at the EIA manipulating these numbers, and then some folks suggesting service stations were cutting back on deliveries due to high prices and were waiting for prices to come down.
- But after weeks (months?) of numbers suggesting significant decline in gasoline demand, one can't argue with the chart. It's real: US decline in gasoline demand is real, and it's steep.
- The number one metric for health of the US economy is gasoline demand.
US economy in trouble. - The most recent weekly number suggests next week's four-week average is going to be even worse.
- The Biden administration may be gloating that gasoline prices have come down (still over $3.00 / gallon) but in this case, this is not a good sign.
- The big question: how have Americans been able to cut back on gasoline to this extent with unemployment at historic lows?
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