Courtesy of Mish
The following chart shows U.S. petroleum and gasoline usage for December-February compared with the same three months in prior years. Chart is courtesy of reader Tim Wallace.
Note that petroleum usage is back to December 1995 thru February 1996 levels. Gasoline usage is back to December 2001 thru February 2002 levels.
All data derived directly from the Data 10 section of the EIA download.
The daily average of each week in the listed month adds to the monthly total. Some months have four weeks others five, but over three months this tends to average out.
Contrary to popular belief, the decline in gasoline usage has little or nothing to do with cash-for clunkers or improved gas mileage in cars unless one fantasizes that gas mileage improvements started precisely in 2007.
Wallace comments "If this trend lasts for the rest of the year, Obama's stated goal of a 15% reduction in greenhouse gases based off 2005 numbers may be met this year instead of his 2015 goal."
Should that happen, I wonder how many will be happy with the economic result.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
