Petroleum Usage Shows 14 Years of Demand Growth has Vanished

The following chart from reader Tim Wallace shows three-month usage for March, April, May compared to the same three months in prior years.



The chart shows petroleum usage is back to levels seen in 1998. Gasoline usage is back to levels seen in 2002.

This chart is consistent with reports that show petroleum usage in the eurozone is expected to fall to 1996 levels.

For more details and an analysis of tanker rates, please see Oil Tanker Rates Lowest Since 1997 as Demand in Europe Plunges to 1996 Level, Production in US at 13-Year High; IMF Smoking Happy Dope.

14-16 years of petroleum supply demand growth has vanished.

 

via Mishs Global Economic Trend Analysis: 3-Month Petroleum Usage Chart for March, April, May Shows 14 Years of Supply Demand Growth has Vanished.

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2 thoughts on “Petroleum Usage Shows 14 Years of Demand Growth has Vanished

  1. These statistics appear to be for the US and Europe. Nothing surprising in the numbers. However when you add in the developing world, oil demand is at an all-time high at 90 million bl/d. OPEC production is back to the high lebvels reached in 1980 at 31 million bl/d. Hiowever in 1980 worldwide petroluem demand was less than 60 million bl/d. OPEC productive capacity hasn’t increased in 31 years despite worldwide demand increasing 50%. Using bougus stats like those cited here to argue for lower oil prices is disingenuous.

  2. sensitive, eh? this post just lays out some facts, it doesn’t “argue for lower oil prices” so i don’t think it’s reasonable for you to call it disingenuous. the West is a very major consumer of oil and the demand changes shown are significant and unanticipated … you can make of that what you will. that’s what makes markets!

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