Tag Archives: gasoline

Why is US Oil Consumption Lower? Better Gasoline Mileage?

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 … Continue reading

Posted in Financial Implications, Oil Policy | Tagged , , , , , , , , , , , , | 92 Comments

How High Oil Prices Lead to Recession

There is ample evidence that spikes in oil prices leads to recession, at least in the US, which is an oil-importing nation. James Hamilton has shown that 10 out of the last 11 US recessions were associated with oil price … Continue reading

Posted in Financial Implications | Tagged , , , , , , , , | 85 Comments

Why High Oil Prices Are Now Affecting Europe More Than the US

The world is presently sharing a limited supply of oil. When oil prices rise, oil production doesn’t rise very much, if at all. The issues then become: Which buyers get the oil? What uses get priced out of the market? … Continue reading

Posted in Financial Implications | Tagged , , , , , , , , , , , , , , , | 75 Comments