U.S. oil demand in the second quarter was revised up by a slim 100,000 barrels a day from a month-earlier estimate, but will be a 12-year low for the period, at 18.74 million barrels a day, government forecasters said Tuesday.
Second quarter demand will be down 4.8%, or 940,000 barrels a day,
from a year ago.
Citing the weak economy, the U.S. Energy Information Administration also said full-year 2009 oil demand of 18.86 million barrels a day will be the lowest since 1997, and down 2.9%, or 550,000 barrels a day from a year earlier. That would mark the fourth-straight annual decline in demand in the world's largest oil consumer, and follow a 1.26 million barrels a day, or 6.1%, decline in 2008.
In 2010, the EIA said oil demand will rise a modest 300,000 barrels a day, or 1.6%, to 19.16 million barrels a day.
[...]
The EIA said third-quarter U.S. oil demand is expected to average 18.83 million barrels a day, little changed from 18.84 million barrels a day a year ago. Fourth-quarter demand is expected to average 19.05 million barrels a day, down 1.2%, or 230,000 barrels a day, from a year ago. In May, EIA said fourth-quarter demand would average 19.02 million barrels a day, down 260,000 barrels a day from a year earlier.
BTW - I caught this graph over at Carpe Diem. America's driving decline continues.
>- Brewskie
8% is a pretty steep decline.
ReplyDeleteThat's the worse end of the collapse-of-civilization scenarios.
But...
We're still here.
Go figure.
DB
DB,
ReplyDelete8%? I've heard worse than that. Some peakers warned a drop of 75% production within eleven years.