Why has US Oil Consumption Steadily Fallen since 2004?
United
States oil consumption in 2012 will be about 4.7 million barrels a day,
or 20%, lower than it would have been, if the pre-2005 trend in oil
consumption growth of 1.5% per year had continued. This drop in
consumption is no doubt related to a rise in oil prices starting about
2004.Figure 1. Comparison of Actual US Oil Consumption, with that that
would have been expected if prior growth trend held. Actual based on EIA
data.Oil prices started rising rapidly in the 2004-2005 period (Figure
2, below). They reached a peak in 2008, then dipped in…Read more...http://oilprice.com/Energy/Crude-Oil/Why-has-US-Oil-Consumption-Steadily-Fallen-since-2004.html
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