Tuesday, May 17, 2011
With global oil supply on a rough plateau, and developing oil countries' usage increasing, oil usage in developed countries must decline. This has to be accomplished through some combination of using oil more efficiently and just doing less. The above are the data for US vehicle miles traveled, and indicate that US VMT has not regained the peak of 2007. With gasoline still above $4/gallon, I doubt that this series will be increasing sharply in the near future.