[sicophiliac]

On a side note does anybody have any recommendations on oil etfs or etns to buy once prices bounce back up as we all know they will ?

[shortonsense]

$this->bbcode_second_pass_quote('VMarcHart', '')$this->bbcode_second_pass_quote('Armageddon', '')$this->bbcode_second_pass_quote('ROCKMAN', 'I') caught it else where Army. It was funny. And as long as you don't change your avatar you can be as big an asshat around here as you like.

[joewp]

$this->bbcode_second_pass_quote('shortonsense', '
')NOW WE'RE TALKING.

We need more of this, less of some of these silly theories people keep coming up with. Peak Oil Causes Price Crash! I don't remember anyone claiming THIS sort of stuff 6 months ago when all the cheerleading was going on.

BRING ON THE CHIC PICS!

[rdsaltpower]

surefired way to derail a peak oil train! lol bring it on!

[TheDude]

Leanan posted that $.01/bbl ticker at TOD. Maybe we'll get there? Or a negative price - get paid to consume.

Augh, that avatar's always been a terrible distraction. Didn't realize it was the chick from 24, thought it was Jessica Simpson or some other yarbling ditz.

[lorenzo]

$this->bbcode_second_pass_quote('KevO', '')$this->bbcode_second_pass_quote('VMarcHart', '')$this->bbcode_second_pass_quote('Armageddon', '')$this->bbcode_second_pass_quote('ROCKMAN', 'I') caught it else where Army. It was funny. And as long as you don't change your avatar you can be as big an asshat around here as you like.

[shortonsense]

$this->bbcode_second_pass_quote('lorenzo', '
')
So this forum is finally becoming the ordinary porn hub many of us predicted it to become.

[UncoveringTruths]

$this->bbcode_second_pass_quote('', 'T')he oil market has been undergoing dramatic changes since record prices back in July. Let's get straight to the pocketbook. The U.S. average for a gallon of unleaded is around $1.68 according to AAA. That's a whopping 59% off the national average record of $4.11 a gallon in mid July, when peak-oil theorists were signaling a genuine end of the crude barrel.

As my guest, investor and Infectious Greed blogger Paul Kedrosky notes, domestic fuel consumption has risen with consumers apparently taking advantage of cheaper prices, according to the latest MasterCard Spending Pulse report. So why haven't global oil prices followed the trend?

[copious.abundance]

SpendingPulse only tracks purchases made via MasterCards. With prices going down, more people are likely paying for their gas with cash rather than credit cards. So that report doesn't capture all the data.

As I've been reporting in the other thread, here are the actual numbers from the EIA. Gasoline consumption in the past 2 weeks is down 3.2% from the year-earlier periods.

$this->bbcode_second_pass_quote('', '[')b]Percentage rise or fall in US oil consumption ("product supplied") from year earlier period, 2008, 4-week average

Source

Week = Week ending
TPS = Total Product Supplied
G = Gasoline
D = Distillates
J = Jet fuel

Week____TPS____G____D____J__
1/4______+2.6___+0.4___+4.9___-3.1
1/11_____+2.2___+1.2___+2.1___-3.3
1/18_____+1.5___+1.1___+0.3___-4.0
1/25_____+1.1___+1.4___-0.4___-4.8
2/1______+0.3___+1.0___-0.7___-4.3
2/8______-1.0___+0.4___-2.8___-5.1
2/15_____-1.1___+0.5___-1.9___-3.4
2/22 ____-2.4___+0.4___-3.5___-3.7
2/29_____-3.4___+0.4___-4.4___-4.6
3/7______-2.7___+0.4___-4.2___-0.4
3/14_____-3.2___-0.1___-5.4___-0.2
3/21_____-2.2___-0.3___-4.0___+1.6
3/28_____-1.3____0.0___-3.1___+3.7
4/4______-0.4___+0.3____0.0___-0.4
4/11_____+0.1___+0.8___-0.9___-3.0
4/18_____+0.8___+0.9___+0.5___-1.3
4/25_____+0.5___+0.4___+0.7___-4.2
5/2______+0.1___+0.3___-0.5___-5.8
5/9 _____-0.3___-0.2___+0.8___-5.3
5/16_____-1.3___-0.4___+0.7___-5.6
5/23_____-0.7___-0.4___+1.2___-2.9
5/30_____-1.1___-1.4___+1.6___+0.3
6/6______-1.3___-1.3___+0.7___+0.4
6/13_____-1.3___-1.8___-0.4___-1.9
6/20_____-2.3___-2.1___-1.1___-3.6
6/27_____-1.9___-1.7___-0.5___-3.5
7/4______-1.8___-2.1___+1.3___-2.2
7/11_____-2.0___-2.1___+2.5___-0.5
7/18_____-2.1___-2.4___+3.6___-2.5
7/25_____-2.4___-2.4___+4.0___-6.8
8/1______-2.6___-2.3___+3.5___-7.1
8/8______-2.8___-1.9___+4.3___-8.5
8/15_____-3.0___-1.6___+3.3___-6.2
8/22_____-3.6___-1.6___+2.2___-6.9
8/29_____-3.5___-1.6___+2.7___-9.3
9/5______-3.8___-2.1___-0.4____-7.6
9/12_____-4.4___-2.6___-2.7____-7.6
9/19_____-5.3___-3.5___-5.5____-4.5
9/26_____-7.1___-4.5___-8.4____-1.5
10/3_____-8.6___-5.3___-8.3____-5.5
10/10____-8.9___-5.2___-6.9____-6.4
10/17____-8.5___-4.3___-5.8____-9.2
10/24____-7.8___-3.4___-5.2____-13.1
10/31____-6.7___-2.3___-4.8____-15.9
11/7_____-6.6___-1.9___-4.6____-18.8
11/14____-7.0___-2.2___-3.3____-20.3
11/21____-6.6___-2.8___-2.2____-17.7
11/28____-6.2___-3.2___-2.2____-16.7
12/5_____-6.1___-3.2___-4.0____-16.8

[TheDude]

Gambling in this casino. Anticipate breach of the levees. That kind of thing.

Increases in Gasoline Consumption Are Kept to a Minimum by Recession

$this->bbcode_second_pass_quote('', 'G')asoline demand edged up almost 1% last week from the previous week, according to a U.S. Energy Department report Wednesday. It was still 3.6% lower than last year, according to weekly data, but the drop was less severe than the average year-over-year declines of 3.8% in October and 4.2% in September.

Another indicator, the SpendingPulse data based on gasoline-station purchases compiled by MasterCard Advisors, showed that consumers pumped 0.3% more gasoline last week than in the same period last year, the first time that has happened since April.

The improvement, though, is minimal considering the dramatic drop-off in gasoline prices. The national average price for a regular gallon has collapsed by almost 60%, to $1.68 a regular gallon Wednesday from a peak of $4.11 a gallon in July, according to data from the auto group AAA.

"You would expect to see a huge increase in demand," said Doug MacIntyre, an energy analyst with the U.S. Energy Information Administration. "The reason you don't see it is simply the economy."

[AirlinePilot]

I say give it a chance, I believe gas will come down just a bit more before these prices level off. Demand will climb as we move farther into the future with these low prices. Silly Humans have a short memory.

[rockdoc123]

I mentioned on another thread that some of the seeming discrepency could be due to the fact that much of the demand falloff recently has been in the industrial useage due to a faltering economy. Consumer demand for fuel only makes up a bit more than half of the total. As a consequence you could see consumers continuing to drive everywhere due to lower gas prices while at the same time industrial users are cutting back due to decreased demand for their products.

[TWilliam]

$this->bbcode_second_pass_quote('OilFinder2', 'S')pendingPulse only tracks purchases made via MasterCards. With prices going down, more people are likely paying for their gas with cash rather than credit cards. So that report doesn't capture all the data.

$this->bbcode_second_pass_quote('TWilliam', 'I') can't help but wonder if the increase in use of credit cards for gasoline over the last few months . . .

[heroineworshipper]

3 months ago it was mostly small cars & traffic was bearable. Today there's nothing but SUV's on the road & traffic is solid every day.

[TWilliam]

$this->bbcode_second_pass_quote('OilFinder2', '')$this->bbcode_second_pass_quote('TWilliam', 'I') can't help but wonder if the increase in use of credit cards for gasoline over the last few months . . .

[Blacksmith]

Thank you, thank you, thank you.

One born every minute.

[copious.abundance]

Well unless you've got actual data from Visa and American Express, then it remains just a "deductive reasoning." And as rockdoc123 mentioned above, a lot of gasoline consumption is tied to industrial usage, so making inferences about vehicular gasoline consumption based on data from *just* MasterCard purchases in combination with *all* data from the EIA is a bit tricky.

Of course people drive to job interviews. But unless they've got very frequent interviews, they're likely still driving less than they did when they had a job. Having been on many job hunts myself, the frequency of interviews does not make up for the lack of driving to work, even taking into account often long drives to interviews.

[TWilliam]

$this->bbcode_second_pass_quote('OilFinder2', 'W')ell unless you've got actual data from Visa and American Express, then it remains just a "deductive reasoning." And as rockdoc123 mentioned above, a lot of gasoline consumption is tied to industrial usage, so making inferences about vehicular gasoline consumption based on data from *just* MasterCard purchases in combination with *all* data from the EIA is a bit tricky.

[EdwinSm]

For PO concerns this could be good news, but for the economy bad news:



Posted by 'Mish' http://globaleconomicanalysis.blogspot.fi/2013/01/annual-gasoline-usage-in-millions-of.html