2013 April 20 Saturday
United States Well Past Peak Oil Demand

Peak oil comes from high production costs and high prices. Already world oil prices are high enough to have caused US oil usage to peak back in Q1 2007 (over 6 years ago) and we are well below peak. Check out the charts and text at Mish Shedlock's blog.

Total distillates usage is at a level seen in 1998, and not much higher than 1996.

Gasoline usage is at a 2002 level. The drop from the peak year of 2007 is now 8.3%, quite dramatic.

Per capita declines are even greater since the US population is growing at almost 1% per year. So throw on another 6% per capita decline.

US median houshold income is 8% lower than 2007 peak. We can't have rising living standards when we are being priced out of oil usage by rising Asian demand and rising costs of oil extraction.

Stocks surpassed the nominal record set in 2007, while the last recorded real median US household income was 8% lower than its 2007 peak.

At most income percentiles incomes are down. Many Americans are partying like its 1995.

Share |      By Randall Parker at 2013 April 20 07:24 PM 


Comments
Engineer-Poet said at April 22, 2013 5:52 AM:

My consumption just went way, way down due to electrification.

shiva1008 said at April 22, 2013 2:16 PM:

I would recommend checking out Dmitry Orlov's blog and upcoming book, if you haven't already. He's basically a software engineer who is peak oil aware, born in Russia, and his new book deals with analyzing the 5 stages of societal collapse.

www.cluborlov.com

shiva1008 said at April 22, 2013 2:17 PM:

sorry, that should be cluborlov.blogspot.com


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