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Page added on February 29, 2012
US Dec oil demand down almost 5 pct from yr ago
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U.S. oil demand in December was 231,000 barrels per day more than previously estimated, but still down 984,000 bpd from a year earlier, the Energy Information Administration said on Wednesday.
U.S. oil demand in December was revised up by 1.25 percent to 18.738 million bpd from EIA’s earlier estimate of 18.507 million bpd. Demand was down 4.99 percent from the 19.722 million bpd posted for the month last year.
4 Comments on "US Dec oil demand down almost 5 pct from yr ago"
vaseline2008 on Wed, 29th Feb 2012 11:55 pm
It used to be that when news of decreases in US oil demand broke out the price of oil went down…I don’t see that happening anymore. This to me means that the US is no longer the major driving force in oil prices…any thoughts?
MikeSolar on Thu, 1st Mar 2012 12:29 am
– Fox News Iran Scare Blasts up prices.
– Wall Street pumping money into BRIC countries.
– US refineries Exporting oil to South America.
– US oil markets are unregulated and will stay unregulated till Oct 2012, and there’s no decision about how much Hedge funds can buy in these markets. Dems: 25%, Repbs: 100% of the oil futures contracts traded: Speculation on, go to the top: Fox News Hysteria about war in IRAN.
BillT on Thu, 1st Mar 2012 1:06 am
With China, India, Japan, South Korea, and other Asian countries growing and buying up all they can get, the US demand loss only means that they get more. They also get more out of a gallon of barrel of oil than we do. Here in the Philippines, it is common to see a motor trike with 4-5 people on it going somewhere. In the US it is common to see one fat person in a 3 ton SUV going to the mall. One gallon moving maybe 1,000 lbs including the bike for 50 miles. US gallon moving one person and 6,000+ lb. maybe 10 miles.
Arthur on Thu, 1st Mar 2012 12:13 pm
‘Declining demand’ means: ‘no longer able to buy 20 million barrels a day at current price levels’.
Expect ‘demand’ to decline further at ever increasing prices, with a population refusing to acknowledge what is really going on and keeping on hoping that miraculously someday prices will come down again.
Will not happen.