SHOOT: How can you talk of a 'recovery' in the USA, the world's largest economy, when their demand for fuel continues to go into freefall?
During the 2008-2009 recession global oil demand fell by 2 Mb/d from 86 to 84Mb/d (chart 1). Global demand appears to have stabilized and is beginning to grow again. The charts in this post (click to enlarge) use monthly data and 12 month rolling averages to adjust for seasonality.
Almost all the global decline was concentrated in developed OECD nations (chart 2). Less developed non-OECD nations such as China and India only saw a temporary stagnation and are now exhibiting growing demand again (chart 3).
The US accounts for just under 23% and Europe 18% of 2009 global oil demand. Oil demand in the US and Europe has yet to stop falling (see charts 4 and 5).
Oil demand in the US was destroyed more in absolute barrels over the past few years than in any other region.
The total number of miles driven on US highways has stabilized and is increasing (chart 6).
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