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According to the DOT, gas usage in March dropped 4.3% compared to last year.

Full story at link

http://www.cnn.com/2008/US/05/26/gas.driving/index.html

See ... demand for gasoline is elastic!

long term elasticity is nearly 1:1 - short term is nearly zero

my personal demand dropped. but I went from a turbo gas hog to a 1.8 liter econowedge.

Hi WH:

___Nice news.

___More importantly, it is a long step in the right direction!

___Good Luck

___Wayne

long term elasticity is nearly 1:1 - short term is nearly zeroWell, that's true of almost anything that doesn't have a comparable substitute good available. I guess I should have said more elastic than many people think.

And now the perspective of a market analyst I heard talking about this on the BBC as I drove home. He referred to this as clear evidence that energy prices are spawning **negative** behaviors. I understand what he means, but I nearly drove off the road from hearing someone describe significantly reduced energy consumption as negative in the same way that I might describe the sky as "up".

Unfortunately, only vehicle miles travelled (VMT) showed the 4% drop. The EIA gasoline consumption decreased by only 0.3%. Federal Highway Administration only measures the volume of transport per month from 4000 automatic counters for the whole US and makes an estimate of VMT(basically a WAG). Unless FE for the whole US was less which seems unlikely.

Good to see them both trending down
Good Luck
Andrew

Weekly EIA is here
http://tonto.eia.doe.gov/dnav/pet/hist/wgfupus2w.htm

FHWA announcement is here (link at bottom goes to the volume data)
http://www.dot.gov/affairs/fhwa1108.htm

Unfortunately, only vehicle miles travelled (VMT) showed the 4% drop. The EIA gasoline consumption decreased by only 0.3%.

actually, the link you sent is to produced supplies by week. I'll run the numbers for actual product used later.

Yeah, I heard that on my way to work the other day and nearly ended up in the ditch! I didn't go anywhere over the holiday weekend this year. Normally we load up in my mama's car and go to one of the state parks that's about forty five minutes away by freeway but we went to a local lake that's about three minutes away instead.

actually, the link you sent is to produced supplies by week. I'll run the numbers for actual product used later.

You might find this essay on demand destruction useful

http://www.theoildrum.com/node/3892

the traffic volume can decrease without changing gasoline consumption if short discretionary trips are being reduced.

Good Luck
Andrew

OK, after running the numbers from the EIA finished product supplied tables at

http://tonto.eia.doe.gov/dnav/pet/hist/mtpupus1m.htm

Demand DID drop 4.3% in March, using 547 mil bbl versus 566 mil bbl in March of 2007. Not bad. Its the least used since 2003.

We take pride in what Exxon-Mobile would describe as "negative behaviors!" (Does that make us cool?)

Finished Petroleum Products supplied is not gasoline, the motor gasoline figures dont show the same change but it is down 1%.

http://tonto.eia.doe.gov/dnav/pet/pet_cons_psup_dc_nus_mbbl_m.htm

Good Luck
Andrew

Good to see the lower demand side in America showing.
The impact of ethanol which the government counts gallon for gallon
the same as oil made gasoline, with less BTU's will
over time make National level energy usage comparisons slightly
harder. The Ethanol supply is still small but increasing.

My parents live near the shore. They frequent LBI. They were there this weekend, and they said the crowds were NOTICEABLY smaller. People are actually beginning to cut their useage...