With U.S. gas demand stagnant, the next step is shrinkage, explains rob_cyran:
About two-thirds of the commodity used in the United States goes to transportation, according to the U.S. Energy Information Administration. Americans love gas guzzlers: The three top selling vehicles in 2021 – the Ford F-150, the Ram pickup, and the Chevrolet Silverado – are all trucks. And the average car on the road is 12 years old, so it takes a lot to move the needle.
During pockets of price spikes, gas consumption remains steady. From the summer of 2017 to 2018, the price of oil rose by two-thirds, with little change in demand. Consumption and behavior adjust more if prices remain high for a longer period. A 10% increase in fuel costs reduced traffic by 3% and fuel demand by 6% overRegister now for FREE unlimited access to Reuters.comWhen prices reverse course after staying high for a long period, demand doesn’t completely recover.
High prices some three decades later caused demand to stall entirely. Oil went over $100 in 2008, and except for a pocket during the Great Recession, remained persistently high until 2015. U.S. gasoline demand plateaued in 2007, yet the economy is now two-thirds larger. While gas prices are off more than 20% from their peak, they may remain elevated because supply can’t increase easily. Public oil firms prefer to repurchase shares
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