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Oil Consumption Analysis

crescen7 Wrote: Feb 09, 2013 10:00 AM
The current increase in oil is due almost entirely to the devaluation of the dollar. If the dollar had remaineded at 2007 levels - oil would be in the $60 a barrel range; or about $2/gal. Thank massive deficit spending and quantitative easing for todays "pain at the pump."
Curtis108 Wrote: Feb 09, 2013 9:34 PM
Based on what, and measured how?
KPar Wrote: Feb 09, 2013 7:21 PM
Sadly, Cresc, you are correct. The dollar isn't what it was (snort!).

I have posted many charts by reader Tim Wallace that highlight declining oil consumption in the US.

James Beck, Lead Analyst, Weekly Petroleum Supply Team for the Energy Information Administration has also chimed in on the subject.

For example, please see my September 16, 2012 article Email From Lead Analyst, Weekly Petroleum Supply Team on Possibility of Recession.

Some readers have suggested improved gasoline mileage in cars is the primary reason.

However, that explanation is faulty (as Wallace and I have...