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May 11, 2023 · Still, the fact remains that in 2022, U.S. oil consumption was 5.25% lower than in 2019 even as the economy had grown by 5% in the interim (inflation adjusted).
- Fuel Has Low Price Elasticity of Demand
- Consumer Memories Are Short
- Problematic Price Premium For Diesel
- Fuel Prices Not The only Inflationary Pressure
- U.S. Fuel Consumption Bending, Not Breaking
U.S. consumers historically only slowly reduce fuel consumption as prices increase. This is primarily because most consumers must drive to work, school, grocery stores and other destinations every day. Additionally, there are no scalable alternatives that can be immediately substituted. Using public transportation is an alternative mainly for those...
Though fuel prices have been much higher on an inflation-adjusted basis, consumers are unlikely to reference what they paid for fuel 10 years ago as a benchmark for current household budgeting. Vehicle purchases, work and commuting choices and travel plans are made with more recent prices in mind. Consider someone who purchased a vehicle in Decembe...
Distillates—the class of refined products that includes diesel, home heating oil and jet fuels—are in short supply globally and subject to surging prices. U.S. diesel prices have jumped 53 percent since December, while gasoline is up 34 percent. The main culprits: a reduction in U.S. refining capacity since the COVID-19 downturn in 2020, and the gl...
The additional fuel expenditures might not be a problem if income growth were commensurate. However, wages have failed to keep pace with inflation since second quarter 2020. As a result, real earnings have declined at a pace not seen since 1979–81 (Chart 4). Downloadable chart | Chart data Although real earnings are higher than during earlier episo...
Still, U.S. fuel consumption has shown resilience. There has been no abrupt drop at today’s elevated prices. Gasoline demand has so far only come in below seasonal norms, while diesel consumption has trended lower after a strong start earlier in the year (Charts 5, 6). Downloadable chart | Chart data Downloadable chart | Chart data Pent-up demand f...
Dec 4, 2023 · To understand what the IEA thinks is now happening with peak oil demand, ... 14% of all new cars sold in 2022 were ... More than 100 million US citizens have been put under air quality warnings ...
Jan 4, 2023 · On March 8, 2022, the combination of Russia’s invasion of Ukraine with low global crude oil inventories lifted the 2022 crude oil price to the highest inflation-adjusted price since 2014. The WTI price followed a similar path as the Brent crude oil price in 2022, averaging $5/b less than the Brent crude oil price, compared with $3/b less in 2021.
about $2,945 on gasoline in 2022, which, in real terms, is $455 (18%) more than in 2021. We expect that summer 2022 U.S. diesel consumption will also increase, almost equaling consumption during the summer of 2019. This outlook focuses on consumption of gasoline and diesel fuel in the United States, and their related prices (Table SF01).
Global refining capacity fell in 2021 for the first time in more than 30 years. As demand rebounded in 2022 and oil product exports from Russia and China have fallen, refining margins surged to record highs. In the STEPS, rising demand for diesel and kerosene means markets are likely to remain very tight for a number of years.
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Feb 16, 2022 · The Brent spot price for crude oil (the international benchmark) reached $97 per barrel (b) on February 7, 2022, the highest nominal price (not adjusted for inflation) since September 17, 2014. From January 8, 2021, to February 7, 2022, the L48 added 220 oil-directed rigs, 114 of which were in the Permian region.
