U.S. Petroleum Demand Sees Largest Drop since Early 1980s
Submitted by Juan F on Wed, 2008/11/19 - 11:18.
According to the American Petroleum Institute, total U.S. petroleum deliveries, which dropped more than 4 percent in October, have fallen 5 percent from January through October, a rate not seen since the early 1980s. The API explains how dropping gas prices at the local gas dealership has not converted to consumers jumping in response.
Total domestic deliveries, a measure of demand, averaged just 19.6 million barrels per day in the January-to-October period, the lowest since 2000.
“Not only have higher prices for much of 2008 been altering consumers’ behavior, but more recent economic uncertainties have increasingly been putting a damper on demand, as well,” said API statistics manager Ron Planting. [American Petroleum Institute]
Tough News Cycle
Juan,
Thanks for covering the gas and service station dealers. These franchisees are often overlooked, and as you know, I've been pushing to include news coverage for this sector.
Today's headlines in the daily picks block, where I select major news stories from the wires, isn't so pleasant. Take a look:
Thanks to Arby's, there is at least one piece of cheerful and unusual news - a maverick award for franchisees. It's not very typical to read about franchisees encouraged and officially lauded for taking bold moves. Now that's unusual.
Ah, and I see that my link to the page in the daily picks block does not work. Nor can I fix the link in the block. Oh well. The link above works.
One side note: I would remind members that in the daily picks block, all they have to do is click on the "b" to blog on that story. (Unlogged guests will not see the "b". Only registered members can blog.) That's part of the reason we have the daily picks.