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Posted on 05/30/2014 5:12:26 PM PDT by Nachum
Regular readers are familiar with my narratives on the U.S. Greater Depression, and (in particular) some of the government’s own charts which depict this economic meltdown most vividly. The collapse in the “civilian participation rate” (the number of people working in the economy) and the “velocity of money” (the heartbeat of the economy) indicate an economy which is not merely in decline, but rather is being sucked downward in a terminal (and accelerating) death-spiral.
However, even that previously published data, and the grim analyses which accompanied it could not prepare me for the horror story contained in data passed along by an alert reader. U.S. “gasoline consumption” – as measured by the U.S. Energy Information Administration (EIA) itself – has plummeted by nearly 75%, from its all-time peak in July of 1998. A near-75% collapse in U.S. gasoline consumption has occurred in little more than 15 years.
Before getting into an analysis of the repercussions of this data, however, it’s necessary to properly qualify the data. Obviously, even in the most-nightmarish economic Armageddon, a (relatively short-term) 75% collapse in gasoline consumption is simply not possible. Unless we were dealing with a nation whose economy had been suddenly ripped apart by civil war, or some small nation devastated by a massive earthquake or tsunami; it’s simply not possible for any economy to just disintegrate that rapidly, without there being some ultra-powerful exogenous force also at work.
(Excerpt) Read more at zerohedge.com ...
At $4 or more per gallon, who can afford it?
Switched to Diesel nine years ago.
The 75% decline in gas use has several reasons:
1. cost of gas compared to when ZERO took office.
2. buy insurance or buy gas..try buying both and groceries with a part time job with no benefits & no paid vacation.
3. How many people should have a job and how many actual do?
AND now we are at a minus in growth for the first time.
The unemployment rate is a farce, as all those in past six years who have lost jobs are not listed, and even if only 300,000 people have applied for unemployment...there are millions who have stopped looking and aren’t eligible to collect anything from anybody....and have no hope of getting a job in their field with benefits. Maybe minimum wage but then they are underemployed...where are they listed?
And after watching those college students answer questions about history...we are in serious trouble, even if they had a job I don’t think they could survive it. I don’t want those people flying planes, working as air traffic controllers, or even making my food in a restaurant.
I guess we could sell the 75% of gas use we aren’t using..maybe that would help.
I call foul, I’m sure we still use 20 million barrels of oil per day in various forms.
Unless you get some super mileage with diesel (I wouldn’t know), the price per gallon around here is much higher then gas.
I’m sorry. This just doesn’t pass the smell test. No way the country is buying 75% less gasoline than 15 years ago.
As for jobs, while some have jobs. the others are on benefits and are free to buy lots of gas and drive all day which here they usually are doing.
20% maybe, but 75% reduction? BS.
Uh, no. I call BS on this one.
1998 was about when I stopped using my gas Suburban as a daily driver and trip vehicle.
Put down the crack pipe.
Zero Hedge needs to be banned from FR.
http://www.indexmundi.com/energy.aspx?country=us&product=gasoline&graph=consumption
/johnny
I don’t think so.
At first Diesel was cheaper per gallon than gas. And I got 2X mpg. Then Diesel went low Sulfur. Now the two prices are.much closer than a year ago. Plus I keep a tactical supply of up to six months worth and tend to miss buying at the peaks.
/johnny
‘Lectric cars. Mmmm, mmm, mmm, mmm mmm. Gonna have to raise taxes somewhere else huh?
DETROIT ... are we there yet?
it’s stunning to see how much things are paralleling Atlas Shrugged
That was my reaction. But look at this.
It doesn't look like quite as much as a 75% drop. But it is a lot. The weird thing is that the fastest drop seemed to have occurred around 2011-2012. Perhaps some major users switched to something else.
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