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Strategies & Market Trends : John Pitera's Market Laboratory

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To: robert b furman who wrote (9479)	5/28/2008 10:49:28 AM
From: Terry Whitman	Read Replies (2) of 33421

>What's going to stop price is a demand reduction.< >>The U.S. Department of Transportation said Monday Americans drove 11 billion miles less in March 2008 than a year earlier, marking the first time estimated March travel on public roads fell since 1979. That 4.3% decline is the sharpest year-on-year drop for any month in the history of the agency's reporting, which dates back to 1942. According to the Energy Information Administration (EIA), a unit of the U.S. Department of Energy, U.S. gasoline demand has fallen 0.6% so far in 2008. The trend began in October of 2007, and gas consumption has trailed year-ago levels in every month since, except for a very slight bump up in November. As a result, the EIA is forecasting the first year-over-year decline in U.S. gasoline demand since 1991.<< money.cnn.com Looks like we're already there- at least in the U.S.!

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