Gas Price Heat Maps

GasBuddy News Article

votes

Economic troubles show in oil demand statistics

GasBuddy Blog -- So how much impact did the recession make on oil demand? Looking at the figures, the recession that began in late 2008 easily dwarfed the economic slowdown after September 11, 2001. In fact, I had to go back to 1999 to find the last month that saw lower demand numbers than what we saw at the start of the 2008 recession, and demand still has not recovered.

September 2008 is when banks went into crisis, Wall Street panicked, and the recession really began. Oil demand (and thus supply) plummeted in September 2008, dropping to 535.16 million barrels, a number not seen since February 1999. It's important to note that February is routinely a month of poor demand, so if we exclude that month, one must go back to July 1995 to see a comparable...

Read the Full Article

Submitted Mar 11, 2010 By: PD

Back To News

Category: GasBuddy Official Blog > Topics	Add to favorite topics Post New Topic

Author	Topic: Economic troubles show in oil demand statistics	Post a Reply Back to Topics

REPLIES (newest first)

First Prev

Next Last

Robert44 Champion Author Columbus Posts:2,835 Points:752,000 Joined:Mar 2004	Message Posted: Mar 12, 2010 12:26:54 PM Ignore Robert44 Report Abuse So it does matter what we do prices continue to go up!!
raleightom All-Star Author Raleigh Posts:765 Points:215,710 Joined:Nov 2007	Message Posted: Mar 12, 2010 12:22:20 PM Ignore raleightom Report Abuse Seems obvious to me. Our newer automobiles are getting better mileage. Alternative energy forms are seeing use in all parts of our society. Highest unemployment in our history (IE: Far fewer commuters and far less idling in traffic at rush hour). Petrol averaging $80 a barrel now vs OPEC saying three years ago that all they needed was $27. I think this is happening regardless of the recession.
OnEmptyMO Champion Author St. Louis Posts:1,955 Points:628,900 Joined:Mar 2008	Message Posted: Mar 12, 2010 12:17:40 PM Ignore OnEmptyMO Report Abuse So we need to see the market crash again?
Plebe2001 Champion Author Philadelphia Posts:2,271 Points:409,925 Joined:Jul 2008	Message Posted: Mar 12, 2010 12:17:07 PM Ignore Plebe2001 Report Abuse Drill more here in USA and conserve, conserve and conserve some more. And we need to look for good alternative energy.
Jamer Champion Author Orange County Posts:3,982 Points:700,525 Joined:Jul 2002	Message Posted: Mar 12, 2010 12:13:28 PM Ignore Jamer Report Abuse Conserve fuel in any way you can people.
BobbyVA Champion Author Virginia Beach Posts:1,462 Points:313,860 Joined:Jul 2009	Message Posted: Mar 12, 2010 12:13:07 PM Ignore BobbyVA Report Abuse Conserve, conserve, conserve.......................
jarrjazz1 Champion Author British Columbia Posts:2,189 Points:446,240 Joined:Sep 2008	Message Posted: Mar 12, 2010 12:11:25 PM Ignore jarrjazz1 Report Abuse keep conserving!
tomcat2door Champion Author Ventura Posts:2,678 Points:1,428,375 Joined:Mar 2006	Message Posted: Mar 12, 2010 12:10:25 PM Ignore tomcat2door Report Abuse CHANGE you can believe in.
VTROCK Champion Author Detroit Posts:1,982 Points:425,805 Joined:Sep 2008	Message Posted: Mar 12, 2010 12:09:10 PM Ignore VTROCK Report Abuse Just imagine how expensive oil would be if we had a healthy economy.
Bud122CA Champion Author California Posts:2,970 Points:678,505 Joined:Jul 2008	Message Posted: Mar 12, 2010 12:07:02 PM Ignore Bud122CA Report Abuse Figures don't lie but liars figure! Thank you everyone for the "CHANGE"
sg413 Champion Author California Posts:2,029 Points:449,010 Joined:Apr 2008	Message Posted: Mar 12, 2010 12:06:29 PM Ignore sg413 Report Abuse More BS.
DADDYBGG Champion Author Oklahoma City Posts:2,643 Points:526,205 Joined:Jul 2008	Message Posted: Mar 12, 2010 12:06:25 PM Ignore DADDYBGG Report Abuse slow in demand but yet the prices keep going up
WIPACKERFAN Champion Author Chicago Posts:3,942 Points:878,815 Joined:Aug 2005	Message Posted: Mar 12, 2010 11:42:50 AM Ignore WIPACKERFAN Report Abuse Our "experts" really don't know what they are talking about. The government interpreters don't understand the language.
tbgasmizer Champion Author Ontario Posts:1,289 Points:291,275 Joined:Oct 2009	Message Posted: Mar 12, 2010 11:41:33 AM Ignore tbgasmizer Report Abuse Obama is not helping anybody with his gas tax increase
humblepie Champion Author Toledo Posts:7,989 Points:1,396,240 Joined:Mar 2006	Message Posted: Mar 12, 2010 11:37:17 AM Ignore humblepie Report Abuse funny how this current administration is deepening the racession rather then helping us get out, too many czars stirring the pot ? we have jimmy carters economic team in place with obama to help us out GOD FORBID !!!!!!!!!!!!!!!!!!!! remember in november !!!!!!!!!!!!!!!!!!
Retowered Champion Author Colorado Posts:4,143 Points:1,724,195 Joined:May 2004	Message Posted: Mar 12, 2010 11:34:47 AM Ignore Retowered Report Abuse The pump prices just keep going up up. Between Obama & the oil people we are going brook fast.
Road-Runner Champion Author Denver Posts:3,606 Points:1,224,850 Joined:May 2004	Message Posted: Mar 12, 2010 11:32:12 AM Ignore Road-Runner Report Abuse As time goes by consumers are faced with much less supplier competition and prices go up and up.
nigelb Champion Author Virginia Posts:3,494 Points:527,450 Joined:Feb 2008	Message Posted: Mar 12, 2010 11:32:05 AM Ignore nigelb Report Abuse This article was posted yesterday - can't we have a current news article?
DirtDauber Champion Author San Antonio Posts:1,830 Points:652,745 Joined:Nov 2005	Message Posted: Mar 12, 2010 11:29:39 AM Ignore DirtDauber Report Abuse Maybe they brought it on themselves, buy offering us $4.00 gasoline.
Ticoman54 Champion Author Miami Posts:2,611 Points:586,195 Joined:Oct 2008	Message Posted: Mar 12, 2010 11:29:19 AM Ignore Ticoman54 Report Abuse Yet with all this negative news, crude and pump prices continue to increase. It amazes me the amount of GREED that exists, especially during tough times. [Edited by: Ticoman54 at 3/12/2010 11:29:45 AM EST]
jayrad1957 Champion Author Los Angeles Posts:7,706 Points:622,990 Joined:Nov 2008	Message Posted: Mar 12, 2010 11:26:21 AM Ignore jayrad1957 Report Abuse We are in trouble for a lot longer than anticipated.
Rick52 Champion Author Milwaukee Posts:6,260 Points:280,105 Joined:Mar 2005	Message Posted: Mar 12, 2010 11:20:16 AM Ignore Rick52 Report Abuse FuelBarge Watch the video ...See if we don't have enough oil ...There is more than you know about !!!!!http://video.google.com/videoplay?docid=3340274697167011147#
Number43 Champion Author Lexington Posts:3,517 Points:680,175 Joined:Oct 2008	Message Posted: Mar 12, 2010 11:18:50 AM Ignore Number43 Report Abuse Oil is NOT a free market. The rules of capitalism do not apply to oil. The price is tightly controlled by big banks and hedge funds not unlike OPEC.
cuspid All-Star Author Michigan Posts:570 Points:396,205 Joined:Jun 2008	Message Posted: Mar 12, 2010 11:18:44 AM Ignore cuspid Report Abuse I also agree
Blazer197 Champion Author New Haven Posts:1,107 Points:217,750 Joined:Feb 2009	Message Posted: Mar 12, 2010 11:17:43 AM Ignore Blazer197 Report Abuse Who is your buddy?GasBuddy is your buddy
mfeldstein Champion Author Ottawa Posts:3,732 Points:1,051,465 Joined:Feb 2007	Message Posted: Mar 12, 2010 11:16:18 AM Ignore mfeldstein Report Abuse I agree with RochBear .... and rising oil prices will dampen and even delay the recovery - here comes the dead cat bounce.
CISA Champion Author Orange County Posts:2,114 Points:677,395 Joined:Dec 2006	Message Posted: Mar 12, 2010 11:14:42 AM Ignore CISA Report Abuse how about news articles NOT authored by GasBuddy?
RochBear Champion Author Minnesota Posts:5,555 Points:1,052,190 Joined:May 2006	Message Posted: Mar 12, 2010 11:12:28 AM Ignore RochBear Report Abuse That was also near the peak in gasoline prices. I am still convinced the high fuel prices lead to the recession. People could no longer afford to fill the SUV and pay their mortage. That lead to one aspect of the bank failures. (plus the Banks borrowing money at 100% + of an inflated value of a house)
donny47 All-Star Author New Hampshire Posts:837 Points:349,170 Joined:Feb 2009	Message Posted: Mar 12, 2010 11:08:21 AM Ignore donny47 Report Abuse people have to cut back.fuel is just one of the ways.it would be worse if government didnt pay for peoples oil that couldnt get it otherwise.
DrLyon Champion Author Michigan Posts:1,909 Points:251,400 Joined:May 2006	Message Posted: Mar 12, 2010 11:03:11 AM Ignore DrLyon Report Abuse Too bad our demand is low and the prices is high!
FuelBarge Champion Author Long Island Posts:4,159 Points:1,099,015 Joined:Aug 2005	Message Posted: Mar 12, 2010 10:15:12 AM Ignore FuelBarge Report Abuse Drill here? Give me a break. We don't have the proven reserves to cover our demand. The answer is to use less. We cannot drill our way to energy independence. It is a finite resource. Alternatives such as CNG, electric and Hydrogen offer us at least some independence but CNG is a finite fossil fuel resource as well. [Edited by: FuelBarge at 3/12/2010 10:16:29 AM EST]
wwcj Champion Author Virginia Posts:1,530 Points:371,345 Joined:Jul 2008	Message Posted: Mar 12, 2010 8:49:23 AM Ignore wwcj Report Abuse We need to produce our own Oil and energy supplies, to hell with world markets. For this reason alone, we need to Drill Here. Drill Now. Pay Less. Need off shore rigs on all coasts, and anywhere there maybe oil sitting until we can come of with a replacement for the internal combustion engine. Here is the link for Drill Here. Drill Now. Pay Less. http://www.americansolutions.com/actioncenter/petitions/?Guid=54ec6e43-75a8-445b-aa7b-346a1e096659
mandoid Champion Author Colorado Springs Posts:2,892 Points:615,090 Joined:May 2008	Message Posted: Mar 12, 2010 8:35:20 AM Ignore mandoid Report Abuse good story
popeye2009 Sophomore Author Ottawa Posts:172 Points:163,495 Joined:Sep 2009	Message Posted: Mar 12, 2010 8:07:23 AM Ignore popeye2009 Report Abuse Most every cheap part(s) of items are made in China i.e electronics, cloths, plastics, etc. Yes, oil demand is linked to the economy and so can high oil/fuel prices bring down the economy.
Tnerbeel Champion Author Houston Posts:3,747 Points:776,635 Joined:Mar 2007	Message Posted: Mar 12, 2010 8:02:42 AM Ignore Tnerbeel Report Abuse I can't imagine what oil would be if demand was still at the levels of 2005-2007
mk9999 Champion Author Rochester Posts:2,972 Points:695,245 Joined:Aug 2008	Message Posted: Mar 12, 2010 8:00:50 AM Ignore mk9999 Report Abuse Yet the price keeps going up and up.
FuelOilOH Champion Author Cleveland Posts:1,110 Points:573,620 Joined:Oct 2007	Message Posted: Mar 12, 2010 7:58:30 AM Ignore FuelOilOH Report Abuse yes, the price of oil and the state of the economy are linked. Get America moving and things will stabilize.
FocusGuy Champion Author Seattle Posts:2,111 Points:456,400 Joined:Apr 2009	Message Posted: Mar 12, 2010 7:58:29 AM Ignore FocusGuy Report Abuse slow down Jiml1, you are going to burst something.
FocusGuy Champion Author Seattle Posts:2,111 Points:456,400 Joined:Apr 2009	Message Posted: Mar 12, 2010 7:57:22 AM Ignore FocusGuy Report Abuse The OIL MARKET makes perfect sense. I put a price on my oil and somebody is willing to buy.
rjoeh Champion Author Michigan Posts:3,795 Points:1,583,840 Joined:Jun 2004	Message Posted: Mar 12, 2010 7:57:03 AM Ignore rjoeh Report Abuse Time to move on fr9om yesterdays news and give us current information which also should show that US demand is still down and will probably not climb much over the summer.
Bill100 Champion Author Grand Rapids Posts:3,604 Points:201,225 Joined:Jan 2010	Message Posted: Mar 12, 2010 7:56:56 AM Ignore Bill100 Report Abuse Don't buy Chinese goods. But do buy Chinese stocks. That is what they did with us: they invested in US companies. I am investing in Chinese companies because they are a very fast growing economy. And I am then taking profits out of those companies and spending it here in US.
JimL1 Champion Author Phoenix Posts:3,138 Points:386,220 Joined:Jul 2003	Message Posted: Mar 12, 2010 7:55:52 AM Ignore JimL1 Report Abuse This morning I find that the SPECULATOR & MANIPULATOR stpetebp has posted another article, as have two other SPECULATORs & MANIPULATORs (Timberline & PD ) in hopes of getting more amateur SPECULATOR sucked into the SPECULATOR & MANIPULATOR game. Yesterday the SPECULATOR & MANIPULATOR stpetebp posted articles, in hopes of getting more amateur SPECULATORs sucked into the SPECULATOR & MANIPULATOR game. The day before yesterday all five articles were put up by the same person, stpetebp . Are stpetebp, Timberline & PD SPECULATORs & MANIPULATORs? This question is valid today, since three articles on the Gas Buddy Blog/Recent News site today are designed to feed the SPECULATOR frenzy. 1)" Building the world's longest ethanol pipeline” (Posted by: stpetebp), 2)“ China's oil demand increase 'astonishing', says IEA” (Posted by: (Timberline), and 3)“ Economic troubles show in oil demand statistics” (Posted by: PD ) These three articles are simply more attempts to stir up the frenzy of SPECULATOR s. Stirring up the frenzy of SPECULATOR s increases the cost of fuel. Is this what we need on a site that is supposed to be dedicated to helping people find less expensive fuel? Yes, I have been tracking SPECULATOR postings on this site for weeks. The least number of articles designed to increase speculation on any one day has been two. Today it is three out of five. Experienced SPECULATOR s tend to win more profits as more of those not deeply experienced in commodity speculation get into the game. It is very similar to a poker game in that respect. The new players/ SPECULATOR s normally get their clocks cleaned and the experienced players/ SPECULATOR s increase their winnings. Stirring up the frenzy of SPECULATORs increases the cost of fuel. Is this what we need on a site that is supposed to be dedicated to helping people find less expensive fuel?
fcdriver Champion Author Tennessee Posts:2,854 Points:600,495 Joined:Sep 2008	Message Posted: Mar 12, 2010 7:55:45 AM Ignore fcdriver Report Abuse te supply was still there they just didn't want to get it out of the ground while it was selling cheap
dabayer All-Star Author New Hampshire Posts:705 Points:225,660 Joined:Oct 2005	Message Posted: Mar 12, 2010 7:54:45 AM Ignore dabayer Report Abuse Speculators, sorry investors, foul up most of the oil price. Oil should NOT be sold like a commodity. Then its the US Govt debt and the value, sorry worthless, US Dollar.
matman01 Champion Author Detroit Posts:9,181 Points:1,014,395 Joined:May 2007	Message Posted: Mar 12, 2010 7:51:29 AM Ignore matman01 Report Abuse With China industializing, you are going to see incredible price hikes. And the more goods that Americans buy from China, the worse that it will be. Bottomline: DO NOT BUY CHINESE MADE GOODS!
DWME Champion Author Indiana Posts:1,113 Points:215,775 Joined:Aug 2009	Message Posted: Mar 12, 2010 7:49:07 AM Ignore DWME Report Abuse I agree with RVN4ME - there is no logical economic sense in the oil market.
cardjcsk Champion Author Toronto Posts:2,420 Points:1,015,040 Joined:Feb 2007	Message Posted: Mar 12, 2010 7:49:02 AM Ignore cardjcsk Report Abuse I wonder why
rvn4me Champion Author Texas Posts:1,872 Points:554,535 Joined:Jan 2009	Message Posted: Mar 12, 2010 7:46:52 AM Ignore rvn4me Report Abuse Nice article but I dont believe supply and demand is what is driving oil prices. I believe it is greed.
Beau2140 Champion Author New York Posts:3,355 Points:680,560 Joined:Oct 2008	Message Posted: Mar 12, 2010 7:45:54 AM Ignore Beau2140 Report Abuse By planning our trips we can save on the demand of oil products.
arinkrat17 Champion Author Twin Cities Posts:1,492 Points:364,565 Joined:Aug 2009	Message Posted: Mar 12, 2010 7:45:21 AM Ignore arinkrat17 Report Abuse just drop
PrepHermit Champion Author New Jersey Posts:3,275 Points:676,480 Joined:Aug 2008	Message Posted: Mar 12, 2010 7:44:54 AM Ignore PrepHermit Report Abuse They're making up for lost time now!
bluzdw Sophomore Author Missouri Posts:121 Points:30,745 Joined:Feb 2010	Message Posted: Mar 12, 2010 7:44:52 AM Ignore bluzdw Report Abuse buy American