The Changing Of America
It seems that the economic downturn has taken a toll on the American mystique when it comes to our love affair with driving. The US gas guzzlers of the world have seen their most significant change in driving behavior perhaps in history. The Energy Information Agency Revised down July oil consumption was revised down by 2.33%, or 442,000 barrels per day, to 18.555 million per day led by a drop in Gasoline consumption. Gasoline demand was revised down 1.34% to 8.96 million bpd, the lowest for the month since 2000.
Now come on, is this the America I know? In the heart of the summer drive season when Americans are supposed to exercise their right to life, liberty and the pursuit of the open road we are staying home in record numbers? Is the drop in gasoline consumption a reflection of a sinking American spirit? Now I know that prices were too high because of a multitude of reasons such as obscenely high oil prices, but this is America! I think that this reflects the mood with the economy and the lack of leadership coming out of Washington! American drivers seem to be in a Jimmy Carter type of malaise and need some type of leadership to restore our confidence.
Oh sure cash for clunkers and better fuel mileage played a part, but if I where the Obama administration I would be very worried about what these number seem to signal.
We still feel the low for WTI oil is in for the year, but we were nervous!!
Phil Flynn is senior energy analyst for PFGBest Research and a Fox Business Network contributor. He can be reached at (800) 935-6487 or at email@example.com.