Gasoline usage hits a new low.
After hovering around 28 million gallons/day for the previous 3 months, usage in May 2013 drops nearly 15% to 24.4 millions gallons/day. This drop is second only to the nearly 25% drop between September and October 2011.
If the economy were recovering, we'd see people driving more. As you see, not only are they not driving more, they're making severe cutbacks.
In the good old bad days we only needed to double our usage to get back to 2007 usage levels (which are still below record usage). Now we need to not only double usage, but add another 10 million gallons a day as well.
This makes the last 7 months in a row that usage is at record lows since the EIA started tracking in January 1983. All the data is at the link below.
EIA Gasoline Data
The Energy Information Administration (EIA) has been tracking gasoline usage since January 1983. The last three months are the lowest usage of gasoline since these records started.
The "good" news is that usage for February 2013 increased almost a million gallons a day. The bad news is that usage would have to double just to return to the 2008 level (and 2008 was far from the best year).
January 2013 continues the slide in gasoline usage to a record low of just over 27 million gallons a day. Gasoline usage would have to double just to return the the 2007 level.
If people aren't buying gasoline, they're not getting in their cars to go shopping, eating, or attending entertainment events.
John R. Ragan, Captain, USAFR (Ret), MBA, MS - your guide on our journey through The Financial State of the Union