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United States Oil Message Board

  • alligatoroperator alligatoroperator Oct 24, 2008 4:20 PM Flag

    demand is just beginning to crater

    “All OPEC confirmed for the market is how weak demand is,” oil trader and analyst Stephen Schork said.

    Supporting that view was a report released Friday by the U.S. Department of Transportation that showed the largest monthly decline in miles driven in 66 years.

    Americans drove 5.6 percent less, or 15 billion fewer miles, in August 2008 compared with August 2007 — the biggest single monthly decline since the data was first collected regularly in 1942.

    Americans have drastically altered driving habits, if they are driving at all, amid a severe economic downturn."


    get ya som a dat. includes oil embargo data in 70's.

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    • Demand is not just beginning to crater any more than the stock market is just beginning its decline. With the new lower price of gasoline you can bet that we are at or near the bottom in demand and that it will start to perk up fast starting now. $2.75 gas is a lot more acceptable to consumers than $4.00 gas is. SUV's are practically being given away by dealers wanting to get rid of them and they are a much easier sell today than at $4.00 gas.
      If you think that demand is just beginning to crater then you believe that you can get a no money down, no income verification loan for a $300,000.00 house now.

      • 1 Reply to beachlover987
      • "Demand is not just beginning to crater any more than the stock market is just beginning its decline. With the new lower price of gasoline you can bet that we are at or near the bottom in demand and that it will start to perk up fast starting now. $2.75 gas is a lot more acceptable to consumers than $4.00 gas is. SUV's are practically being given away by dealers wanting to get rid of them and they are a much easier sell today than at $4.00 gas.
        If you think that demand is just beginning to crater then you believe that you can get a no money down, no income verification loan for a $300,000.00 house now."

    • "Americans drove 5.6 percent less, or 15 billion fewer miles, in August 2008 compared with August 2007"

      Excuse me, but that number was 5.6, not 56 percent, correct?

      Hah ha hah, you have a massive worldwide recession and recent soaring gas prices and we only went down 5.6 percent? What a bullish statistic!
      Bullish? Yes, because that proves that the slightest recovery at all will bring demand to new highs in no time.

    • hey i dunno who drove less but i drove even more than in previous years, probably 20,000 miles year to date. I totally havent changed my driving habbits from 10 years ago. Not a big deal to pay $500 more a year for gas.

    • Ah Tehran. You have a problem.
      Ah Moscow. You have a problem.
      Ah Caracas. You have a problem.

      "marginal cost of the lowest cost producer" MCLCP

      you will start hearing that alot.

 
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