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US goes down a gear on use of oil

Financial Times -- By Gregory Meyer in New York , Financial Times, 26 Aug 2010

Los Angeles traffic: Americans are driving less

Evidence of a slowdown in the US economy is turning up in oil markets as demand stagnates in the world's most voracious petroleum consuming nation.

US petroleum stockpiles are at their highest levels since the early 1980s, the energy department revealed this week, and the rapid rebound in demand from the recessionary lows of a year ago has begun to decelerate.

Americans are consuming less oil than they did in 2008 – or most of the previous decade, for that matter.

Demand for petrol, crucial to a car-dependent US, has gained a meagre 0.5 per cent year to date, according to energy department data.

US refiners are, meanwhile, exporting hundreds of thousands of barrels of ...

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Submitted Aug 29, 2010 By: LanguageMan1

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brbaritone Champion Author Virginia Posts:1,082 Points:1,274,365 Joined:Jan 2007	Message Posted: Aug 30, 2010 6:42:52 PM Ignore brbaritone Report Abuse "US refiners are, meanwhile, exporting hundreds of thousands of barrels of unwanted diesel to Latin America each day." The U.S. is actually EXPORTING diesel?? Then why aren't prices crashing???
Jeff4U Champion Author Atlanta Posts:5,990 Points:1,389,570 Joined:Nov 2004	Message Posted: Aug 30, 2010 12:15:10 PM Ignore Jeff4U Report Abuse Gregory Meyer of the Financial Times: "US" is abbreviated as "U.S.". Go back to school dude. (even Bloomberg knows this) (yes, he'll never see this - I just felt like bitchin')
TripleHs Champion Author Austin Posts:1,325 Points:497,455 Joined:Oct 2009	Message Posted: Aug 30, 2010 9:35:47 AM Ignore TripleHs Report Abuse i tend to think it's only beginning of a long trend ...
FPLREP Champion Author Virginia Posts:5,763 Points:1,989,085 Joined:Oct 2005	Message Posted: Aug 30, 2010 9:34:42 AM Ignore FPLREP Report Abuse Always said speculation will keep the economy down for the benefit of a few.
ScottTee Champion Author Detroit Posts:2,108 Points:606,175 Joined:Mar 2010	Message Posted: Aug 30, 2010 9:22:02 AM Ignore ScottTee Report Abuse just lower the price a little & demand will certainly go up
vandamme Champion Author New York Posts:1,021 Points:118,085 Joined:Nov 2008	Message Posted: Aug 30, 2010 7:59:45 AM Ignore vandamme Report Abuse "Of course people are driving less because the price of gas is too high, hello!! " Someday you will think these prices were low.
remay Champion Author Houston Posts:4,721 Points:1,659,695 Joined:May 2006	Message Posted: Aug 30, 2010 7:36:53 AM Ignore remay Report Abuse "While energy traders complain that stock markets are steering oil markets – not supply and demand fundamentals ..." That's it, blame someone else. THEY don't want to take the blame for "steering" prices! [Edited by: remay at 8/30/2010 8:37:07 AM EST]
torn8owx Champion Author Philadelphia Posts:2,313 Points:577,515 Joined:Feb 2010	Message Posted: Aug 30, 2010 7:34:20 AM Ignore torn8owx Report Abuse How much future US oil consumption will be substituted by ethanol?
BBopp Champion Author Dayton Posts:5,054 Points:1,598,925 Joined:Dec 2006	Message Posted: Aug 30, 2010 5:28:31 AM Ignore BBopp Report Abuse Using less oil is good news, the reasons behind the decrease in usage is not. I'm glad our stockpiles have increased, but are they at full capacity? Interesting that crude is shipped to South America, where then it' returned to us in the form of gas.
afghaned Champion Author Hamilton Posts:8,534 Points:825,450 Joined:May 2004	Message Posted: Aug 30, 2010 4:40:01 AM Ignore afghaned Report Abuse What do they expect with so many out of work & unable to buy gas!!!
salgood Champion Author Twin Cities Posts:2,159 Points:567,330 Joined:Jun 2008	Message Posted: Aug 30, 2010 3:57:30 AM Ignore salgood Report Abuse So there was a rapid rebound in demand earlier this year? Funny but no one seemed to notice.
dacofa Champion Author Nevada Posts:3,236 Points:698,460 Joined:Jan 2010	Message Posted: Aug 30, 2010 2:29:37 AM Ignore dacofa Report Abuse with unemployment as high as it is, who's driving to work?
genef01 Champion Author Nashville Posts:2,611 Points:834,680 Joined:Jul 2008	Message Posted: Aug 30, 2010 1:47:02 AM Ignore genef01 Report Abuse To be expected with the current condition of the US economy, not caused by 8 years of Bush, But Clinton and the Dumbocrats pressuring the banks and financial institutions to lower their lending standards so more would qualify for a mortgage.
jackson661 Champion Author Columbus Posts:2,792 Points:1,050,870 Joined:May 2006	Message Posted: Aug 30, 2010 1:26:28 AM Ignore jackson661 Report Abuse US economy being slow on recovery oil demand is low.
gass12 Champion Author Omaha Posts:6,191 Points:1,855,135 Joined:Oct 2005	Message Posted: Aug 30, 2010 1:17:17 AM Ignore gass12 Report Abuse People just don!t have the money these days.
mynt Champion Author Ottawa Posts:2,965 Points:611,180 Joined:May 2010	Message Posted: Aug 30, 2010 1:16:09 AM Ignore mynt Report Abuse Not exactly surprising that Americans are consuming less oil when the econony is still depressed...
JoseM All-Star Author San Bernardino Posts:890 Points:605,010 Joined:Apr 2009	Message Posted: Aug 30, 2010 1:14:52 AM Ignore JoseM Report Abuse Environmentally friendly?
OnTheWater Champion Author Orange County Posts:2,123 Points:622,380 Joined:Nov 2009	Message Posted: Aug 30, 2010 1:13:09 AM Ignore OnTheWater Report Abuse Of course people are driving less because the price of gas is too high, hello!! Doesn't take a rocket scientist to figure that one out.
PDQBlues Champion Author San Diego Posts:4,726 Points:984,350 Joined:Jan 2009	Message Posted: Aug 30, 2010 1:10:38 AM Ignore PDQBlues Report Abuse It does seem telling just how much of a loss of the free market when the gas companies can and have charged as much as they wish regardless of the actual supply and demand. Prices (and demand) are falling because people are very scared about the near future of this country, and the lack of economic opportunities we had back in the 1990s.
UseLessGasFolks Champion Author Iowa Posts:3,119 Points:840,905 Joined:Jul 2007	Message Posted: Aug 30, 2010 1:05:27 AM Ignore UseLessGasFolks Report Abuse Here is the scarey part. The economy is still trying to recover from 8 years of Bush and gas prices are still about $2.75 average nationally. When the economy recovers gas is going higher than we have ever seen. Why? China is burning more and more every day.
grouch311 Champion Author Illinois Posts:6,021 Points:1,157,965 Joined:Jun 2007	Message Posted: Aug 30, 2010 1:04:52 AM Ignore grouch311 Report Abuse with the gas cost so high, who can afford to go driving around?
AuburnTim Champion Author Indiana Posts:5,719 Points:1,289,665 Joined:May 2005	Message Posted: Aug 30, 2010 1:04:30 AM Ignore AuburnTim Report Abuse Still doesn't stop them from spiking the price at the pump to keep them higher than they should be. They are only hurting our economy but thats what greed will do and thats how we got into this whole mess.
outlaw329 Champion Author Austin Posts:5,304 Points:935,845 Joined:Aug 2008	Message Posted: Aug 30, 2010 1:02:28 AM Ignore outlaw329 Report Abuse Los Angeles driving less there must be something wrong in the world today!
Saturn93 Champion Author Salt Lake City Posts:6,587 Points:1,491,875 Joined:Oct 2006	Message Posted: Aug 30, 2010 12:58:52 AM Ignore Saturn93 Report Abuse Who can afford to drive much any more?
rjhenn Champion Author Des Moines Posts:16,606 Points:1,775,040 Joined:Aug 2005	Message Posted: Aug 30, 2010 12:56:55 AM Ignore rjhenn Report Abuse Well, every time the economy looks like it's going to pick up, the price of oil jumps and kills any recovery. Kill the speculators to save the economy.
PetroScopper Champion Author Houston Posts:4,387 Points:1,095,595 Joined:Aug 2008	Message Posted: Aug 30, 2010 12:49:02 AM Ignore PetroScopper Report Abuse Good news for the United States of America! But, this is only the beginning... our usage will go down much more in the next couple of years.
jtfftj All-Star Author New Hampshire Posts:991 Points:827,310 Joined:Sep 2005	Message Posted: Aug 30, 2010 12:43:34 AM Ignore jtfftj Report Abuse Why of course there is an easy answer for this It is the introduction and wide spread use of electric cars in the US. Gas usage is falling through the floor. Yeah, VOLT!
Mooseman1 Champion Author Manitoba Posts:7,306 Points:1,383,495 Joined:Jul 2007	Message Posted: Aug 30, 2010 12:41:08 AM Ignore Mooseman1 Report Abuse I have noticed that we are driving much less than last year. We have eliminated those long drives and road trips.
cutter1330 Champion Author Oklahoma Posts:5,738 Points:1,233,465 Joined:Jul 2005	Message Posted: Aug 30, 2010 12:40:53 AM Ignore cutter1330 Report Abuse Pump price needs to head down also.
faulkc05 All-Star Author Atlanta Posts:562 Points:193,540 Joined:Jun 2008	Message Posted: Aug 30, 2010 12:39:24 AM Ignore faulkc05 Report Abuse So why aren't the prices at the pump dropping as fast as the rise. The stockpiles are high and so are the prices at the pump.
moody4u Champion Author Cincinnati Posts:3,635 Points:716,280 Joined:Oct 2008	Message Posted: Aug 30, 2010 12:39:15 AM Ignore moody4u Report Abuse Thanks, Obumma!!!
N5EXY Champion Author Austin Posts:3,215 Points:1,050,130 Joined:Jul 2004	Message Posted: Aug 30, 2010 12:33:26 AM Ignore N5EXY Report Abuse We are in a recession? This is news? What happened to the spendulus? That would be news! 66 days until the November elections.
LoneGuy Champion Author Lansing Posts:6,168 Points:1,860,680 Joined:Aug 2005	Message Posted: Aug 30, 2010 12:22:45 AM Ignore LoneGuy Report Abuse So is any one surprised? This puts to the propaganda that proposes this is "recovery summer". So much for cheer leading the economy by Bidden. [Edited by: LoneGuy at 8/30/2010 1:23:07 AM EST]
Jeeputtputt Champion Author Michigan Posts:1,403 Points:343,725 Joined:Aug 2009	Message Posted: Aug 30, 2010 12:22:32 AM Ignore Jeeputtputt Report Abuse says who, anyone that KNOWS
52MPG Champion Author Dayton Posts:4,929 Points:1,281,405 Joined:Apr 2006	Message Posted: Aug 30, 2010 12:11:59 AM Ignore 52MPG Report Abuse "US refiners are, meanwhile, exporting hundreds of thousands of barrels of unwanted diesel to Latin America each day." So why does diesel cost more than gas?
Huskersed All-Star Author Atlanta Posts:703 Points:337,950 Joined:Nov 2008	Message Posted: Aug 29, 2010 11:43:17 PM Ignore Huskersed Report Abuse That's good that we're more conscientious in driving and use less gasoline.
Jeff4U Champion Author Atlanta Posts:5,990 Points:1,389,570 Joined:Nov 2004	Message Posted: Aug 29, 2010 11:34:23 PM Ignore Jeff4U Report Abuse Yep, everything has gone "down a gear" on use. What would anyone expect when unemployment is so high and while the Obama administration is mastering countless ways to inhibit business growth? (higher taxes, health care, cap & trade, regulation)
runout9 Champion Author New Jersey Posts:3,164 Points:962,600 Joined:Dec 2008	Message Posted: Aug 29, 2010 11:28:31 PM Ignore runout9 Report Abuse Supply continues to outpace demand in this economic slowdowm. With unemployment @9.5% or 17%, whichever # one believes what can one expect?
teafortwo Champion Author Washington Posts:15,405 Points:926,405 Joined:Feb 2009	Message Posted: Aug 29, 2010 10:52:26 PM Ignore teafortwo Report Abuse Interesting article LanguageMan1. Thanks for sharing. This article helps to connect the dots between fuel usage and the economy. FROM THE ARTICLE: "We have seen crude prices back off quite a bit over the past couple of weeks," says John Felmy, chief economist at the American Petroleum Institute, an industry group in Washington. "That suggests that the US economy, which is an important part of the share of the world market for crude, is slowing down and the world is reacting to it," he adds. Crude oil is refined into fuels in usable form, notably petrol, diesel and jet fuel. Consumption patterns for each tell a story about the US economy. Petrol, or gasoline, is burned primarily in cars. With the US unemployment rate persistently high, Americans are driving less. Roadway traffic through June was virtually unchanged from last year, moving at volumes witnessed in 2005, according to the Federal Highway Administration. "Gasoline is really a function of the retail side of the economy," says Mr Felmy. His organisation's own statistics show petrol consumption lower than in 2009. "People drive to buy stuff, they drive for holidays, they drive for jobs. All the indications from things such as consumer confidence and retail sales are consistent with that story." "As long as the consumer is holding back their spending, predominantly spending on necessities, it's very difficult to get major growth [in demand]," he adds.
northeast2 Champion Author New York Posts:2,687 Points:755,855 Joined:Mar 2008	Message Posted: Aug 29, 2010 10:50:40 PM Ignore northeast2 Report Abuse Good. Now let's see the price drop as a result of lowered demand and increased supply (stockpiles).
alterman156 Champion Author New York Posts:5,105 Points:1,094,750 Joined:Dec 2008	Message Posted: Aug 29, 2010 10:15:07 PM Ignore alterman156 Report Abuse Good sign that we are using less oil. This should keep up to help hold down demand.
NekoSJG Champion Author San Jose Posts:3,250 Points:574,705 Joined:Jun 2010	Message Posted: Aug 29, 2010 10:12:03 PM Ignore NekoSJG Report Abuse Maybe if the price came down the consumption would go up?
graceman Champion Author Baltimore Posts:3,245 Points:822,065 Joined:Jun 2008	Message Posted: Aug 29, 2010 10:06:32 PM Ignore graceman Report Abuse That will happen when cows can fly.
Night Owl Champion Author Toronto Posts:5,290 Points:1,337,625 Joined:Jul 2004	Message Posted: Aug 29, 2010 9:51:50 PM Ignore Night Owl Report Abuse Why don't greedy oil speculators accept reality and let oil prices plummet to where they belong?
Gassed01 Champion Author Toronto Posts:4,078 Points:1,349,515 Joined:Jan 2006	Message Posted: Aug 29, 2010 9:06:44 PM Ignore Gassed01 Report Abuse Without Obama and what he's done, unemployment would be much higher.
BMW2014 Champion Author Toronto Posts:1,794 Points:364,300 Joined:Jun 2010	Message Posted: Aug 29, 2010 8:24:00 PM Ignore BMW2014 Report Abuse I don't think so. I think civilian population is consuming same or may be little more. The only difference is that US was quite busy in military operations of Gulf War 1 and Gulf War 2 since 1990 and then in Afghanistan for three years atleast.
MidNJ Champion Author New Jersey Posts:4,662 Points:743,495 Joined:Sep 2009	Message Posted: Aug 29, 2010 8:12:41 PM Ignore MidNJ Report Abuse Keep conserving
amerk73 Champion Author Dallas Posts:4,730 Points:1,160,130 Joined:Oct 2008	Message Posted: Aug 29, 2010 7:58:59 PM Ignore amerk73 Report Abuse gas still high ,gas price plano tx $2.37
Jeff4U Champion Author Atlanta Posts:5,990 Points:1,389,570 Joined:Nov 2004	Message Posted: Aug 29, 2010 7:44:48 PM Ignore Jeff4U Report Abuse "Now that we have Obama's $2.49 gasoline"??? Are you kidding? Ridiculous! Obama has absolutely nothing to do with gas prices - other than the ill effects of horrible unemployment numbers that propagated SINCE HE took office. Get real! [Edited by: Jeff4U at 8/29/2010 8:47:01 PM EST]
car253 Champion Author Ohio Posts:4,201 Points:1,035,065 Joined:Oct 2008	Message Posted: Aug 29, 2010 7:26:37 PM Ignore car253 Report Abuse We have Obama's $2.49 gas because almost 10% of the workforce is unemployed and another 10% quit looking for a job.