The recent decline in US petroleum consumption

By Optimist

The graph below shows US petroleum consumption since 1995. Demand peaked in March 2007 and the decline since then is quite obvious – it is now back down to 2004 levels. Remember how everyone used to say demand is inelastic? It will be interesting to see how long the decline continues. Will it cause a drop in prices or will rest-of-world demand keep the price up, or will supply increases come online in time to prevent further decline?

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