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Gold/Mining/Energy : Big Dog's Boom Boom Room
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To: isopatch who wrote (184151)5/31/2014 3:07:26 PM
From: Keith J1 Recommendation

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Salt'n'Peppa

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What a bunch of baloney (regarding the 75% collapse), and horrible reporting.

From the article:
<<U.S. gasoline consumption was at a rate of 52 million gallons per day (already more than 20% below the 1998 all-time peak). In the five years since the start of this pretend-recovery; U.S. gasoline consumption has fallen all the way to 18 million gallons per day.>>

18 million gallons/day is less than 0.5 million barrels/day.

If you look at rack sales volumes in the graph linked below, you will see they are well in excess of 200 million gallons/day (over 10x the stated consumption in the article) and flat to slightly growing.
eia.gov

Where does the author infer all this gasoline goes? Just disappears in thin air? I realize gov't reporting isn't ideal, but people need to be more careful in using selected data sets.

There are other sources, such as the FHWA tables fhwa.dot.gov and ORNL compiles a transportation energy book (see in particular Table 2.11) cta.ornl.gov.

And just for reference, 18 million gallons/day would only generate ~$1.2 billion in federal gasoline taxes annually. Total federal gasoline/diesel taxes are about $33 billion annually. That gives you a sense of how far off the article is.

KJ
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