Welp this is the story the Biden administration wants to tell..
https://fortune.com/2023/01/21/gasoline-demand-has-peaked-in-america-drivers-will-benefit-in-long-run/
But is it true? Heres the data..
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=wgfupus2&f=W
Certainly lower than before COVID. But with drivers working from home.. see commercial real estate.. and a slow start to the farming season.. see snow pack.. which would probably show more in distillate?
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WDIUPUS2&f=W
Hmmm.
Maybe.. still kind of hard to ascertain.. trend change or just sluggish?
Anywho conceptually a change in trend could be expected but.. do EVs really save fossil fuels.. with 67% of power plants fossil fueled..?? And are there enough yet to make a difference?
Probably the commodity set back can be more correlated to the Fed's rate hikes.
Don't fight Jerome Powell.. you will lose. |