The Homa Files

The Energy Information Administration said that U.S. oil demand during the first half of 2008 fell by an average 800,000 barrels per day (bpd) compared with the same period a year ago, the biggest volume decline in 26 years. (Note: that’s a drop of just under 4%)

Global oil consumption rose by 500,000 bpd in the six-month period, the EIA said. (Note: In other words, the ROW consumed 1.3 million more bpd)

The Energy Department’s analytical arm sees continued falling oil demand, and for the first time is predicting that U.S. petroleum consumption in 2009 will be lower than this year, which would mark a drop in annual demand for three years straight.

High gasoline prices have cut into U.S. demand, but the EIA expects lower pump costs through December than previously forecast, with gasoline averaging $3.81 a gallon in the fourth quarter compared with the record $4.11 reached in July.

Full article:
http://news.yahoo.com/s/nm/20080812/us_nm/usa_oil_demand_dc_2

* * * * *

So, when price goes up, demand goes down,  How about that …

* * * * *

Want more from the Homa Files?
 Click link =>  The Homa Files Blog

* * * * *