By Edgar Alpo
The latest energy report from the EIA:
Total petroleum consumption of liquid fuels and other petroleum products averaged 20.7 million bbl/d in 2007, similar to 2006 (U.S. Petroleum Products Consumption Growth). Based on prospects for a weak economy and record high crude oil and product prices extending into next year, consumption is projected to shrink by 290,000 bbl/d...
Let's see, some quick math: 0.29 / 20.7 = (a whopping) 1.4% decrease in consumption YOY. Congratulations America! The price of gasoline doubled and you cut back 1.4% in response. This is a proud moment for all of us. All this during what many consider to be a quite severe recession.
Read all of it here. / Petropest Launchpad
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