This page has been archived and commenting is disabled.
These Charts Better Not Reflect The True State Of The US Economy
Lately, when it comes to obtaining an accurate sense of the true state of the US economy, it is as difficult if not more than analyzing the openly-manipulated Chinese data. On one hand, the Fed-juiced market, which has lost its discounting powers, no longer reflects the current or future economic (or corporate) fundamentals, on the other, massive seasonal aberrations, whether purposeful or accidental, have made a mockery of any data series, be it jobs, manufacturing, retail sales, or housing. On the other, the administration - still stuck in the worst economic "recovery" since the Great Depression - is desperate to telegraph an improving economy, most evident in the months leading up to the presidential election, which makes taking any data at face value problematic and naive at best. Yet even the openly-contradicting Chinese data manipulation has its Achilles heel in the form of monthly electricity consumption (and to a lesser extent, production) updates.
So what is the US equivalent of Chinese electricity consumption data? We believe it may be the little-tracked, and thus not nearly as "adjusted" weekly updates from the Energy Information Administration, whose data on barrels of US product supplied of both total petroleum products and just gasoline are as indicative of the true state of the energy-hungry beating heart of the US economy as any other data set, and is likely a far more accurate representation of what is really going on between the lines.
Sadly, if that is indeed the case, then the disconnect between propaganda myth and reality is about as big as can be, since on a blended 52-week average basis, the total product supplied of motor gasoline is back to 2003 levels (black line on chart below). However, where it gets really scary is looking at the total product supplied category, which includes gasoline and all other product such as heating oil, propane, and kerosene. As the chart below shows, the US economy, whose GDP we are led to believe has never been higher, now has the same total consumption of all petroleum products (red line) as it did... back in 1997!
Source: Weekly US Product of Finished Motor Gasoline (EIA), and Total Petroleum Product (EIA).
The same disturbing story is revealed when looking at various other EIA charts of sales, and thus demand, such as this one showing that 52 week average sales and deliveries of gasoline by prime supplier in the US has also tumbled to levels last seen in the late 90's.
Source: Total Gasoline All Sales/Deliveries by Prime Supplier (EIA)
But maybe it is just the usage of more efficient modes of transportation, and a higher MPG as more Americans shift to electric cars and some such. Sure, maybe. Of course, that would not explain why the total miles driven has hardly budged for the last decade, and is far off the all time high recorded when the economy was indeed humming on all fours, if moments before it imploded in 2007...
Source: Moving 12-Month Total Vehicle Miles Traveled (St. Louis Fed FRED)
... but the biggest question we have is just how did the biggest boost in energy and engine efficiency occurred at two key junctions: Just after the Lehman Failure, and just after the US downgrade and the first debt ceiling crisis, when the total sales of gasoline by US retailers literally went off the charts, and which data series is now languishing at levels not seen since the 1970s (unfortunately we can only estimate: not even the EIA's data set goes back that far).
Source: US Total Gasoline Retail Sales by Refiners (EIA)
Perhaps, just perhaps, Occam's razor applies in this situation as well, and the collapse in energy demand in the US has little to do with MPG efficiency, higher productivity, and throughput mysteriously achieved just when the entire economy was imploding in the months after the Lehman failure, and despite the re-emerging proliferation of cheap Fed debt funded SUVs and small trucks (discussed here), and everything to do with the US consumer being slowly but surely tapped out?
Of course, if that is the case, than the US economy is far, far weaker than even we could have surmised, although it certainly would explain the desperation with which the Fed is doing everything in its power to preserve the levitation of the S&P, i.e., the confidence that all is well despite all signs to the contrary. Because should the market finally be allowed to reflect the underlying economy - not the administration represented economy, but the real one - then everything that has transpired in the past five years will be child's play compared to what's coming.
»
- 132561 reads
- Printer-friendly version
- Send to friend
- advertisements -
"produce scare stories and use fear to make their point'
Britain? I thought that was the US?
One of our Bug Out's is on a big lake in Northern Wisconsin. I have noticed a steep drop in number of pleasure craft in the summer and snowmobiles in the winter. (That's snow machines for those of you who dig whale blubber.)
excellent charts and observations
throw an annual rate of change line on there and the energy picture gets bleaker
http://oi49.tinypic.com/24xl8rb.jpg
absolutely fantastic chart.
That's why I keep saying: Demand has NOT (I repeat has NOT) gone lower, it's the supply that has been shrunk.
roc of supply proves my point.
Bottom line: Demand has not decreased, but oil has been rationed.
Mopar go, 396 wasn't a dog either. Then again a 327 with 3 two barrels could scream ...
Well I guess we'll know if we're in trouble or not when Exxon reports?
Chart doesn't show the ethanol mix.
Not that it probably matters.
nor the impact from electric vehicles.
Consumption down, prices up.... new normal Bitchez.
Consumption down, prices up.... new normal Bitchez.
The new FuckYeahCapitalism.
Econ 101 ..... no more guns and butter, just printing and serf-Bitchez.
Go to the EIA website and read the footnotes more carefully.
Could you please stop yelling while honest, hard working people are trying to get a little sleep? ;)
Not every honest or hard working person lives in the GMT-5 to GMT-8 timezones.
Don't sleep so close to your computer or iCrap and it will be EASIER TO IGNORE MY YELLING!
Although I could probably pay the Belgian (S D) some specie to come up with an avatar that could overcome even that...
Personally, I don't care that much. But you do know, that sheeple derives not only from sheep, but also from sleep, don't you?
;-)
are you kidding me?
these charts are double plus good...or double plus bullish.
anyways, anybody got an extra copy of the ministry of truths newspeak dictionary 9th edition?
I seem to have lost mine. I won't know what to do if i don't have one by monday.
After years of bussing it in the urban core, I've just now moved out to the sticks and re-attained driving status. Got me a heavily-used '01 Pontiac Sunfire (GM actually did that one right!) and drive the damned thing everywhere.
Millennial contrarian indicator, bitchez!
To small town folks, us kids showing up right now are here to work. Don't lump us in with the stragglers, who will move in en masse in a few years to beg. Fuck them.
LOL
LOL, There's work for you if you only want to eat.....and exist
and you shall be thankful
There is an overwhelming joy in having the basics, as you shall find....
.
if you only want to eat.....and exist
That is exactly what I will do, for now. I still have 50+ years left in me. Ain't no way I'm yielding any portion of my best talents to TPTB right now. I'm holding out for the collapse.
Check up on me in the year 2065 if you can.
There's a line in the movie "Book of Eli"
"People kill each other now for what we used to throw away"...
The great reset is coming
and it's gonna hurt like a bitch
Is it 2065 yet?
I don't know jack shit about movies. But I do know the reset is coming. I avoid debt and choose PMs when I can afford them, and engage vigilantly in skillset expansion.
The fuck you want from me?
Go rent the movie "The Road"...
Or better yet read the book...
I don't think we got no 50 yrs...
The button was pushed on the great reset in 2008.
It's going to take 50 years for the effects to be felt totally. Big slow grind down, probably for the rest of your life.
Thank Obama for disability, food stamps, and Obamaphones!
No one has to drive to work any more!
Obama's just the brand name on your generic political oppression that's been in place since WWII.Check the list of ingredients on the can they're listed by weight, the 1st ingredient is always "The Federal Reserve" - so thank Bernanke and Bernankenomics, he's the hand up the puppets ass.
Looks like Tim Wallace's analysis of petroleum and distillates that he's been doing for some time. Check out Mish archives.
So should I be buying this dip or the next one?
cheap energy equals more jobs, nuff said.
+1 for the nice rack...
Get used to it, more coming. And by more, I mean less.
When most people are unemployed and gasoline useage drops by another 50% we will have plenty of carbon credits.
China give us things for our carbon credits!!!! It doen't matter if we don't produce anything anymore.
And we Americans don't get a price break on gasoline because our government bends over for the oil companies.
We use less gas and the oil companies export unprecedented amounts of gasoline, keeping prices at home just as high as they like. See this chart, also supplied by EIA:
http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=mgfexus1&f=m
Well that matches up perfectly with the other chart data... Except the FED's.
Gotta wonder where they get their figures from.
Refineries are selling at a loss in many cases, but somehow they're screwing us? This is the anti-business mentality the progressives have been selling for years. Your chart shows 15, 000 barrels exported per month, while we still consume about 9, 000 barrel per day and refiners struggle with massive over-capacity.
+1
The effing government makes significantly more money off a gallon of refined gasoline than the refiners.
This can be explained by the fact that in the new "knowledge Revolution" that we are currently transforming to people are all telecommuting.
That certainly is part of the downward pressure on miles driven and fuel usage. We've been able to cut the miles driven by over half in our household by doing most work through the 'Net.
However, it doesn't explain the charts by a long shot. Telecommuting started a long time before the above charts curved decisively downward.
An anecdotal story:
I sat in a respected DC area auto repair shop a few days ago and listened to a conversation between a sales guy and the owner. Owner stated he was surprised the usual crowds that come the week before spring break, to tune up the car before a road trip, didn't materialize. He also mentioned he thought it was weird on that particular day, a warm spring day, they weren't busier. Apparently they usually work back to back cars all day at this shop with little downtime.
Couldn't help but think it's economy/sequester related.
It is probably from weather patterns or work schedules this year disrupting the normal maintainence cycles. Move along, nothing to see here.
Breaking News:
Bundesbank Plans Deposit Haircuts For Bank Customers
President of the Bundesbank will announce plans for deposit haircuts for bank customers in case a financiel institution goes bankrupt.
will be announced today at 11 CET
full text
http://homment.com/bundesbank-deposit-haircuts
Bundesbank President Weidmann: Cyprus crisis shows, banks can be handled. Weidmann wants only the owners of the banks will be taken to the liability, the lender, and at the end of the depositors. - Since a bankruptcy have only barely mentioned meaning, this means that the savers are shaved.
"Weidmann called for "that first of all the owners of the banks will be taken to the liability, the lenders, but only at the very end of the chain of liability to depositors, and possibly not the taxpayer, be it national or European."
When asked how long the debt crisis will be ongoing, Weidmann said, "I am of the opinion that the crisis is not counted in months, but that we need to be even years busy, because regaining competitiveness, for example, and the consolidation of public finances very comprehensive and far-reaching challenges that will occupy us for a long time. "
http://translate.google.de/translate?hl=de&ie=UTF8&prev=_t&sl=de&tl=en&u...
This isn't news. This is not new.
This is exactly how bank failures have been handled for hundreds of years.
The money you gave to your bank is not your money. You don't have that money any more. It is the bank's money to do with as they please. You invested that money in the bank in return for interest and you got a bookeeping entry in their accounts. You are simply a creditor of the bank. So when the bank fails you lose all or part of your investment.
Stock holders pay first, bond holders pay next, to make depositors whole. Who are depositors being robbed to pay? Derivative holders? Absolutely not! Those speculative gamblers should be first in line to lose when their bets fail. If legislation says otherwise that must change. Bankers and government thieves!
The last chart is seemingly inconsistent with the first three, as it shows a much bigger drop. One explanation is that many states no longer allow refiners to own gas stations directly. (VA is one). These laws were passed in the late 2000s as a result of political pressure from independent gas station owners on state legislatures. So, the refiners are required to sell gasoline wholesale instead of retail. As the pie slowly shrinks, those with political clout grab more of the shrinking pie.
I don't believe for a minute that better MPG cars are something Americans are adopting en masse, or if they are, the increases in MPG are incrementally small. They still haven't discovered the joys of diesel cars and states like California effectively just don't allow them (no matter that petrol (gas) is highly carcinogenic too).
More like more people have part-time, minimum wage jobs and aren't prepared to drive so far to get to them.
A car payment and insurance doesn't allow for i-crap, tatoos and clubbing.
Rocky Racoon et al:
You need something like these!
http://www.nextgreencar.com/car-tax/band/band-A-list/
"If there ain't no oil under 'em, there ain't no oil in 'em". Mater, Cars 2
The drop in vehicle miles travelled is not anywhere near as drastic as suggested by the deliveries drop. That means the way these sales happen might have changed.
http://www.eia.gov/pub/oil_gas/petroleum/data_publications/prime_supplier_report/current/pdf/c007.pdf
Looks like the WTI-Brent differential might have caused some changes that have resulted in traders taking over some of the purchases-transport-sales.
Now show these plots in per capita terms ( which is more important). It's even worse.
It takes a decade to cycle out old generations of cars.
1. The changes are happening far too quickly and far too large to be efficiency increases in cars. We're talking a doubling in efficiency of the entire fleet.
2. The most popular new cars aren't particularly efficient. Americans still like their SUVs and 400hp pickups.
It's simple, people are driving less... The discrepancy between total miles and energy consumption? Also simple. Look at the source of the data.
Maybe, just maybe, it's not all that bad. I see a good chance for some americans to notice, that they indeed do have a pool:
http://www.youtube.com/watch?v=A9GSGGypffk
Wouldn't that be nice?
Shabang Gomer, BitCoin's hitting new highs. 2:41am PST
Enter gun control. Gona be a lot of pissed of people in the US when they get Cyprused. A lot of good shooters too when the military pensions stop coming in.
Never fear they'll issue some new shiny piece of ponzi crap with the same goons in charge of it. Of course that assumes you live thru the transition phase which can include war etc.
Good luck.
The answer is simple:
MONORAILS!
I see... I guess I missed the US national rollout of the next generation PRT system. 40% reduction in energy consumption with miles traveled.
I am hearing the occasional story of how Gen Y is shunning the car (due to envirobrainwashing in the schools I suppose). Even to the point that they are foregoing getting driver's licenses. I wonder if this all has to do with their advent upon the economic scene? Add to that the fact that those of their generation who would want to drive can't afford to and this all may start to make some sense
its the snow, or heat or what?......i know boooooosh
Honestly, if you truly consider it, bush IS responsible for most all our problems we see now, and so is bush senior, clinton and obumbler. They all are the same guy, right?
The same people that brought you the civil war, northeastern-social-intellectual-educational-elites.
Obama.bush,clinton,etc all just the current face of our master, doing his will, making sure, we the house niggers are happy on the plantation.
just enough to eat to make sure we don't gin it up with the field niggers and take masters house.
Thru conflict and chaos
Order is maintained
There is no good, no evil
Only the illusion made of conflict
It has to do with their earnings. I remember how things were, long ago, when I had my first car. It didn't cost jack shit (was a present from my brother, who strongly disliked it), and when I wanted to drive somewhere, 20 bucks were enough for gas, a pack of cigarettes, entrance fee at some club, and after all that, there was still some money left to buy a beer or two.
Today, that's completely different. Try to do with 50 bucks, what I did back then with 20, and I'm sure that there is no way to accomplish that.
The times, they are a-changin' ...
that may be part of it.. but it's also ... shitty parenting.. gen y is a spoiled to the core rotten bunch of shit.. in general... not all of course... and it isnt completely their fault.. but todays parents have "given Jr everything they didn't have.."
Jr demands a iShit, xbox, bed in the basement to play mindless games practicing killing.. and screams for moar cheesy poofs.. and mom delivers...
all part of the plan really.. search and watch... "Century of self" BBC documentary... especially #1.. "Happiness machines." and you will see how its all played out according to plans
Tylers - FYI: link at "(discussed here)", not there, 2nd to last paragraph, last sentence.
What Jackass would downarrow a simple, factual, relevant notification of a malfunctioning link?
I was going to point out the link issue. I guess I would then have to suffer the slings and arrows of possible downarrows.:)
On second thoughts, maybe in this modern Age, the Bard's quote should be:
"Whether 'tis Nobler in the mind to suffer
The Slings and DownArrows of outrageous Fortune,
Or to take Arms against a Sea of troubles,
And by opposing end them:"
Well at least on ZH it should be!)
LOL, Wear thee downarrows as a badge of honor
For thou know not what is afoot.....
The tens of millions that were added to the "disabled" rolls of SSDI in the last 4 years are probably driving a lot less than they used to, and the 46 million on food stamps. Those deposits are electronic these days, no need to waddle out of the bathroom to catch the mailman as he drops off that sweet monthly check.
1 in 6 on food stamps now. And we're wondering why productivity is down? We're analyzing data on internet transactions to discover the reason for it?
Let's see... last week.
1. Cleaning lady asks for "more work" because lost two other clients.
2. Handyman said he got hit by the sequester and had schedule at military site curtailed (been at Aberdeen Proving Ground 26 years).
3. Two employed rental tenants who have been in-place for 36 months both moving their families out as can't afford rent which has been flat for three years.
We're good...
www.tradewithdave.com
Nice hot summer with molotov cocktails.
Can I get a side of drones with that?
No, no, no. It just means the miles driven in Lamborghinis and gigantic yachts fell
Though humorous, this is more true than not...I live in Naples FL. Construction is booming here. In the past two years more than 10 (conservatively) multimillion, 10s of thousand square foot homes have been built on or near the shore. I mean, 30k square feet presumably second homes. There are more bentleys, ferraris, lamborghinis, maseratis, porsches and even now I'm seeing, routinely, Rolls Royces, than you can shake a stick at.
About 5 miles out of old naples they just started a whole new planned community which has to be on the size of about 1000 acres (more than a square mile, for sure). It's going to have man made ponds, schools, etc. The overpriced for "poorly executed food" restaurants that line 5th Avenue, 3rd street and 'the trail', are always jammed. It is the end of season, a truly busy time, but this is the busiest people have seen it in years.
The bottom line, our pals in washington, all of them, who are for the little guy of course, have overseen the demise of the middle class, the wholesale development of a permanent and majority dependency class, oh and of course, the massive expansion of the rich elite's wealth, the exact the thing we were all protected from the rich guy Romney doing.
I've said it before but it bears repeating, how delicious is it that the first 'black' president (apologies to BIll Clinton) is overseeing the transformation of free citizens into slaves.
Work from home.
Ride a bike.
Grow a garden.
Fuck the system.
(The preceding message has been brought to you by a guy who calls doing his taxes "writing fiction.")
Oh, yeah, keep stacking.
You're welcome.
"It is time for change and maybe that change will inspire hope."
Isn't change what we have been getting? Obama said he wanted to fundamentally change America.
As far as change is concerned, congress got a 13% approval rating and the voters returned them to office. The voters are now complaining again, after getting what they wanted, a congress with a 13% approval rating.
The subway , She is a porno
The pavements they are a mess
I know you supported me for a long time
Somehow I'm not impressed.
Moped, motherfuckers!
ZH: "Lately, when it comes to obtaining an accurate sense of the true state of the US economy, it is as difficult if not more than analyzing the openly-manipulated Chinese data."
Welcome to the Matrix. Folks on ZH already know this, but it's worth repeating that Western govts have completely failed in their duty to run prosperous economies despite taking ever more control over them, and now resort to outright lies and official stats which are no more honest than Soviet Union pronouncements of tractor production continuing to rise.
And yet, millions upon millions of people believe - or at least accept - this endless stream of political garbage.
Yes, the truth is obfuscated to the max degree and any numbers coming from this government are truly suspect. Makes you wonder if the insiders believe their own numbers and if not do they even grasp what the "real truth" is? Makes one wonder, and that's both tragic and highly dangerous.
There's a much bigger question.
That question is - "Why have gasoline prices risen to and remained at all time highs if the world's number 1 user of gasoline has cut back so significantly on consumption?"
The answer to that question instructs, completely, as to what is going on in the world, both political and economically.
"This week three banks, ING, Rabo and SNS, simultaneously suffered major computer malfunctions, leading to a temporary closure of their on-line facilities. Their problems were ‘unrelated’. It is completely unprecedented. The chances of a coincidence are close to zero. For years some in the blogosphere have speculated that ‘computer problems’ might be a good excuse for the Money Power to call a bank holiday and ‘reorganize’ their system. This looks like a drill."
Testing, Testing 1, 2, 3
Roger that....
Forgot the link.... http://revolutionradio.org/?p=47583
ING’s problems were the worst, it’s off-line again today. ING is one of the biggest banks in Europe with a trillion plus balance and one of the living dead. It’s a zombie bank, propped up with massive credit lines from the ECB and handouts and guarantees from the Dutch taxpayer. It has 40 billion of Spanish debt on its books and it needs to write off untold billions, maybe as much as hundreds of billions, from its commercial real estate portfolio. Obviously this would vaporize the Dutch economy over night, should it have to bail out ING.
Somethings on, and it's big....
Here is a link to a report on similar figures for Portugal, in Portuguese but plenty of graphs:
http://www.apetro.pt/documentos/inf_mercado_produtos_petroliferos_2012.pdf
On page 4 there is a summary of the sales drops on % for the years 2010 to 2012. They mention efficiency of cars in the report but conclude that the reduction is down to the economic recession and reduced purchasing power of consumers. LPG (vehicle) sales have risen but it is not significant in terms of volume overall. They also mention that aircraft fuel sales have been "stable" and maritime fuel sales rose 6% 2011 to 2012.
If there is a correlation then the last graph of the initial post is extremely disturbing as it suggests approx. 33% (45000>30000) drop during the 2010 to 2012 period, in comparison with 18% in Portugal for the same period.
Now It's Portugal time.....
Portuguese Government to pay Private/state salaries/subsidies/pension cuts with Government bonds declared unconstitutional......
http://investmentwatchblog.com/confiscation-2-bombastic-portuguese-gover...
Check this out....
Mileage of new cars has increased spectacularly. Mileage of new pickup trucks has gone up by more than 15% overall.
Commuter expenditures on gas have declined significantly as car pooling and moving closer to work have taken hold.
Conservation is good. The opposite to the End of the World.
Silver and Bitcoins. It's a win/win.
Silver For The People
The Bitcoin Channel
Bicycles to work boys and girls.
It worked for the Chinese.
Think what a boost that would give to GDP!
Below last projections from Jean Laherrère (co author of the end of cheap oil article in 1998, which rightly predicted peak conventional crude oil around 2005)
http://iiscn.files.wordpress.com/2013/03/laherrere_all_liquids_productio...
Shynthesis paper :
http://tribune-pic-petrolier.org/wp-content/uploads/2013/03/oilgasprodfo...
Fvkin mutherfvkin fvkers- fvkin fuvkers fvked
Fvk u -u fvkin downarrowin mudderfvkin fvker
All of the new 6-cyl gas sipping turbos in the American 1/2 ton trucks are a huge problem down the road when the turbo craps out. Cash for clunkers part deux
I used to drive about 30K a year, now its about 5000 miles a year.
I have a gas powered golf cart I take to the store on saturday, and to take my dog to the park. It uses about 5 gallons of gas a year !
One way to validate this would be if any ZH'ers can access state motor fuel tax revenue history for a few of the larger states.
The analysis is terribly incomplete. The energy world has changed over the past decade.
Diesel, a finished product, is being used much, much more efficiently with 2 rounds of efficiency increases through the advancement offered by common rail injector based engines.
Americans burn a lot of ethanol now. Seems to me that ethanol usage, that decreases gasoline consumption, is not represented in the above analysis.
Natural gas is capturing formerly diesel/gasoline markets more and more now as is solar and wind.
We're not China. Why pretend? Update your cut/paste analysis.
Dear Fix Italy's
Yor figgerin' is compleete egsept you icknoored the co-lapse of miles drivin sadistics. Thay dont lye, irregardliss of the fuul supply used in the vehickell, yu no, truck or car.
If foeks were takin trains all atime, then thet mite be a reesun for miles drivin bean down so musch, but wear ar trains bean run so musch nowadase thet thay ar so poplar?
Yu shud rekalculaat yor figgerin. Thank yu.
Why don't nobody put a pitcher of the PRICE per gallin? Seems like them fellers is gettin' as much or more money an they don't give one hoot of a possum penis whistle squeeker fer any uv ussin' folks. I wished they'd get catched up in a pig trap and have blood ticks crawl up their pee pee pipe!!!
Ya, at a rate of one corn field = 1 tank of gas I guess we better start counting ethanol. For FOOD INFLATION perhaps.
Biden: The 'Affirmative task' before us is to 'create a new world order'.....
http://youtu.be/b1AMYHHAXhI
Oh we know what you idiots are up to.....
I can't believe he actually said that. Talk about throwing gasoline on the fire!
Good thing Biden wants to make sure we don't have a bank holiday like Cyrprus - look who is adviser is to keep us on the straight & true path!
http://youtu.be/xm3VMrKqJSA
Too the dude that up arrowed me.. U are a right on fvkin totally cool fvker. O and fvk all u other fvkin fvkers.
to quote my fave [not] POTUS : "I feel your pain"
Thing is, Bernanke, Greenspan and the other eggheads (who know nothing of running an actual business) all share the same mantra. And that is, "it's all about the market" and if you can artifically pump up the market, then the economy will follow.
Of course, they've got the order ass-backwards, but they'll follow Einstein's definition of insanity and keep doing the same thing over and over, expecting of course, a different result.
what?! You mean we can't just email bit-burgers and bitcoins back and forth to each other using znga apps on Failbook?
O, I r shocked
I believe this data needs to be disaggregated so that we can see more clearly how much of the decline in petroleum product usage is due to decline in economic activity, and how much is due to conservation measures, better mpg in newer car models, etc. And where does ethanol usage fit into the picture? Are the gasoline usage figures taken before or after the addition of the ethanol?
91,814 reads... Ya, Zerohedge is fringe reading there Krugman.