Stateside's Canadian Core and Barrel Shack Message Board

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Gold/Mining/Energy : Stateside's Canadian Core and Barrel Shack

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From: statesidereport	1/8/2015 12:46:12 PM
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US Gasoline Demand Is Surging ****With supplies being reduced and demand strengthening, the sell-off in energy prices will be solved as it always has been. Low prices lead to lower supplies and higher demand which will eventually lead to higher prices. The lower this overshoots to the downside the higher it will overshoot to the upside.******* stateside AKIN OYEDELE JAN. 8, 2015, 9:59 AM 974 1 FACEBOOK LINKEDIN TWITTER GOOGLE+PRINT EMAIL FlickrThey said this would never happen. As oil prices have plunged, US gas demand has soared, something that seemed unlikely just a few years ago. According to Morgan Downey, CEO of Money.net, "A few years ago people were saying that US oil demand had peaked and would never recover — some called it 'peak demand.'" In an email to Business Insider, Downey said the recent surge in demand is unusual because oil has a low price elasticity of demand, meaning demand is not very sensitive to changes in price. "Now with gasoline at almost $2/gallon on average nationwide, US gasoline demand has not only recovered, but is at all-time seasonal highs and likely to be at a record high throughout 2015," he wrote. "This 2014 demand rally is a little unexpected and shows that oil consumer behavior changes during 2008-2013 were temporary and not permanent like many claimed they would be." Here is Downey's chart showing gas demand in 2014 compared to its 10-year range. Morgan Downey Read more: businessinsider.com

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