It would probably be a surprise to most people that U.S. oil consumption today is at the same level it was in 1997 and is 10% lower than the peak reached in 2005. This is not a reflection of increased efficiency or Americans gravitating towards smaller vehicles with better mileage. Americans are still addicted to their SUVs and gas guzzling luxury automobiles. It’s a reflection of a U.S. economy that has been in a downward spiral since 2005.
| 1996 | 18,476.15 | 3.89 % |
| 1997 | 18,774.07 | 1.61 % |
| 1998 | 18,946.01 | 0.92 % |
| 1999 | 19,603.83 | 3.47 % |
| 2000 | 19,717.92 | 0.58 % |
| 2001 | 19,772.60 | 0.28 % |
| 2002 | 19,834.31 | 0.31 % |
| 2003 | 20,144.82 | 1.57 % |
| 2004 | 20,833.01 | 3.42 % |
| 2005 | 20,924.36 | 0.44 % |
| 2006 | 20,803.93 | -0.58 % |
| 2007 | 20,818.37 | 0.07 % |
| 2008 | 19,563.33 | -6.03 % |
| 2009 | 18,810.01 | -3.85 % |
If the U.S. isn’t driving oil demand in the world, then why are prices going up? There are three main factors:
- Dramatic increase in demand from China and other developing countries.
- A plunging U.S. Dollar
- Peak oil has arrived
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