IEA: Cracks Have Started To Appear In The US Economy

broken window

Revised U.S. crude demand for March averaged 18.2 million barrels per day (mb/d), a decline of 5.6 per cent from 2011.

Consumption was lower across all of the main product categories, the International Energy Agency reported this morning.

“Despite the optimism that had crept into the US economic news feed during late2011/early2012, cracks have started to appear, undermining the shortterm demand prognosis,” the agency reported, citing the recent, crummy GDP, non-farm payrolls, Philly Fed, and ISM data. 

The agency now estimates a -0.9 per cent decline to 18.7 mb/d for 2012, “as the predicted decline rate falls throughout the year, supported by further price appeasement and a continuation of the gentle pace of economic recovery.”

There was one quasi-bright spot in motor gasoline, which did not decline as steeply as everything else.

iea oil demand

Photo: IEA

And here’s gas:


Photo: IEA

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