by Bill McBride on 9/14/2005 01:16:00 PM
Wednesday, September 14, 2005
The DOE reports that gasoline demand fell to 8.636 million barrels per day for the week ending September 9, 2005, down from 9.027 m bbls/day for the pervious week.
UPDATE: Dr. Hamilton provides an excellent discussion and a weekly graph (as opposed to 4 wk average from DOE).
Click on graph for larger image.
Demand for gasoline usually falls after labor day, but this still represents a 6% drop in demand for the comparable week from 2004. Prices for "Retail Average Regular Gasoline" dropped about 3% to $2.96 from the record $3.06 the previous week. Based on futures prices for unleaded gasoline, it appears prices will drop further this week.