Weatherdem's Weblog

Bridging climate science, citizens, and policy

Gasoline Usage Still Way Down YoY; Oil Prices Rising

1 Comment

According to NDD at the Bonddad Blog, Year-over-Year gasoline usage in the U.S. remains significantly negative: 8167 M gallons this year vs. 8810 M gallons last year this week.  That’s -7.3%.

Yet oil prices increased this week by over $4 to $103.24 per barrel and gas prices at the pump rose $0.04 to $3.52 (national average).

Let ‘s state this clearly: it’s not American demand driving those prices up.  We can attribute part of the increase to other growing economies.  But as more people are figuring out all the time, a not inconsequential part of it is commodity speculators.  Then there’s tension over Iran that the Republican Teabaggers are trying to inflame – they just love them all the war and conflict they can gin up (as long as their family members aren’t required to actually serve, dont’cha know).  Finally, don’t discount the role of the giant fossil fuel industry here – do you think they’re taking the Keystone pipeline decision in peace?

As the folks at Bonddad Blog state, oil and gas prices this high helped act like a choke collar on the U.S. economy last year.  Given the relative growing health of the economy since, and the similarly growing prospects for Obama’s reelection largely as a result, that collar might be forcefully reapplied (or no action taken by some to remove it) in order to dim his electoral chances.

About these ads

One thought on “Gasoline Usage Still Way Down YoY; Oil Prices Rising

  1. Pingback: Oil Future Price

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Follow

Get every new post delivered to your Inbox.

Join 293 other followers