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Economic troubles show in oil demand statistics

GasBuddy Blog -- So how much impact did the recession make on oil demand? Looking at the figures, the recession that began in late 2008 easily dwarfed the economic slowdown after September 11, 2001. In fact, I had to go back to 1999 to find the last month that saw lower demand numbers than what we saw at the start of the 2008 recession, and demand still has not recovered.

September 2008 is when banks went into crisis, Wall Street panicked, and the recession really began. Oil demand (and thus supply) plummeted in September 2008, dropping to 535.16 million barrels, a number not seen since February 1999. It's important to note that February is routinely a month of poor demand, so if we exclude that month, one must go back to July 1995 to see a comparable...

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Submitted Mar 11, 2010 By: PD

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honda0105 Champion Author Tallahassee Posts:10,150 Points:591,800 Joined:Nov 2008	Message Posted: Mar 12, 2010 6:58:49 PM Ignore honda0105 Report Abuse now, if we would only go back to the low demand we had in August 2008 when the prices artificially gouged people... oh, wait, that's a pipe dream, ain't it?
honda0105 Champion Author Tallahassee Posts:10,150 Points:591,800 Joined:Nov 2008	Message Posted: Mar 12, 2010 6:57:53 PM Ignore honda0105 Report Abuse cathevan: you are so right.
1006 Veteran Author Birmingham Posts:262 Points:580,325 Joined:Apr 2008	Message Posted: Mar 12, 2010 5:13:55 PM Ignore 1006 Report Abuse yea, not sure of the point here.
julius1st4 Champion Author Ontario Posts:1,662 Points:799,190 Joined:Jul 2003	Message Posted: Mar 12, 2010 12:03:33 PM Ignore julius1st4 Report Abuse SO; just what are you trying to say???
djgunrunner Champion Author Salt Lake City Posts:4,618 Points:1,345,215 Joined:Apr 2005	Message Posted: Mar 12, 2010 11:41:01 AM Ignore djgunrunner Report Abuse The people have forgotten what is was like to buy gas or food. We shall be reminded of it shortly.
ReadyWriter Sophomore Author Columbus Posts:236 Points:12,755 Joined:May 2008	Message Posted: Mar 12, 2010 11:38:51 AM Ignore ReadyWriter Report Abuse They're only going to help weaken the economy again by playing the greed game just because it shows a little spark of life coming back. We need to get the ones who create all this chaos slapped with taxes or penalties or something to DISCOURAGE them instead of giving them so many breaks and letting them make us slip and slide in the high oil price market.
outlaw329 Champion Author Austin Posts:2,619 Points:426,450 Joined:Aug 2008	Message Posted: Mar 12, 2010 11:38:26 AM Ignore outlaw329 Report Abuse filcut, know how you feel.
Tamas2evil Champion Author Maryland Posts:4,213 Points:752,625 Joined:Sep 2006	Message Posted: Mar 12, 2010 11:36:32 AM Ignore Tamas2evil Report Abuse and this is the reason we have higher gas prices... Surprise!
OHMS Champion Author Orange County Posts:7,786 Points:873,885 Joined:May 2005	Message Posted: Mar 12, 2010 11:34:03 AM Ignore OHMS Report Abuse up down al around; where they stop nobody knows. the magical federal government keeps us all guessing.
Blackice Champion Author Twin Cities Posts:3,158 Points:792,305 Joined:Oct 2003	Message Posted: Mar 12, 2010 11:31:33 AM Ignore Blackice Report Abuse The dollar is down today $0.44 and oil is down $0.97 at this time.
filcut Veteran Author Anchorage Posts:441 Points:565,050 Joined:Jun 2005	Message Posted: Mar 12, 2010 11:29:09 AM Ignore filcut Report Abuse Out of work so nowhere to go = less gas bought, duh!!
Hugo40 Champion Author Kentucky Posts:2,548 Points:612,385 Joined:Aug 2008	Message Posted: Mar 12, 2010 11:28:01 AM Ignore Hugo40 Report Abuse Prices at the pump do not seem to fall with the economy.
diatzikis All-Star Author Raleigh Posts:718 Points:193,305 Joined:Jul 2008	Message Posted: Mar 12, 2010 11:25:58 AM Ignore diatzikis Report Abuse And today I paying 3:00 per gal?
ricker8 Champion Author Ontario Posts:2,211 Points:447,390 Joined:Oct 2008	Message Posted: Mar 12, 2010 11:24:49 AM Ignore ricker8 Report Abuse economics doesn't fit into their way pf price setting
justinoles All-Star Author Orlando Posts:715 Points:145,830 Joined:Jul 2009	Message Posted: Mar 12, 2010 11:20:38 AM Ignore justinoles Report Abuse to bad normal economics don't apply to oil
Sealer Champion Author Charleston Posts:5,648 Points:837,475 Joined:Jan 2008	Message Posted: Mar 12, 2010 11:14:34 AM Ignore Sealer Report Abuse Price is determined by global supply and demand. Demand didn't drop as much in growing areas like Asia.
Dipstick1 Champion Author Amarillo Posts:4,924 Points:1,436,240 Joined:Jan 2006	Message Posted: Mar 12, 2010 11:13:34 AM Ignore Dipstick1 Report Abuse Not nearly enough...that's how much.
ladyaglow Veteran Author Atlanta Posts:267 Points:146,335 Joined:Jun 2009	Message Posted: Mar 12, 2010 11:13:31 AM Ignore ladyaglow Report Abuse Come on! Drill baby drill.
goldilox88 Champion Author Montreal Posts:2,053 Points:584,980 Joined:Jun 2008	Message Posted: Mar 12, 2010 11:09:52 AM Ignore goldilox88 Report Abuse Everything seems to fuel higher prices.
danny999 Champion Author Florida Posts:3,502 Points:621,955 Joined:Oct 2008	Message Posted: Mar 12, 2010 11:06:50 AM Ignore danny999 Report Abuse IT'S SURE GETTING MANIPULATED THOUGH.
Buck_on_Bass Champion Author Tennessee Posts:2,609 Points:563,715 Joined:Jul 2007	Message Posted: Mar 12, 2010 11:05:47 AM Ignore Buck_on_Bass Report Abuse After September 11, 2001, we have nearly a week with no commercial or private aircraft flying. Grounding so many airplanes contributed to a big drop in aviation fuel. This time we had the aircraft flying so the drop in gasoline sales must have been much larger. While there are technical signs the recessions may have ended, we still are lacking the employment growth to put people back to work.
bozo All-Star Author Boston Posts:782 Points:1,293,630 Joined:Feb 2003	Message Posted: Mar 12, 2010 11:04:25 AM Ignore bozo Report Abuse SVmike has it right.
rimpyCA Champion Author Los Angeles Posts:1,460 Points:303,545 Joined:Aug 2009	Message Posted: Mar 12, 2010 11:03:44 AM Ignore rimpyCA Report Abuse gas mafia is minting money from us
hblee Champion Author Ontario Posts:1,746 Points:587,385 Joined:May 2004	Message Posted: Mar 12, 2010 11:03:15 AM Ignore hblee Report Abuse Conservation and alternative energy is what we should all be doing.
SVmike Veteran Author California Posts:433 Points:98,410 Joined:Dec 2009	Message Posted: Mar 12, 2010 11:00:54 AM Ignore SVmike Report Abuse rfe330: "Keep alternative energy out of the hands of the oil companies or don't bother developing alternative energy. " This makes no sense to me. It makes good sense for large profitable companies to invest that money in finding new, profitable energy sources. They have a large stable income source (from oil and NG) and can use it, on perhaps risky ventures. Do you really think everything is a conspiracy? The idea that some lone inventor will toil away in his/her basement and suddenly discover some big new clean alternative energy source that will change the world only happens in the movies -- written, by the way, by people who generally have near zero expertise in physics and engineering.
Bleeder Champion Author Virginia Posts:3,746 Points:782,030 Joined:Jan 2008	Message Posted: Mar 12, 2010 10:59:25 AM Ignore Bleeder Report Abuse No surprise that there is a link between demand and the recession.
fedex09 All-Star Author Missouri Posts:605 Points:655,310 Joined:Jan 2006	Message Posted: Mar 12, 2010 10:57:03 AM Ignore fedex09 Report Abuse According to our government we are just all seeing better times. Where I live you cant buy a job.
guacamaya66 Rookie Author Nevada Posts:19 Points:122,355 Joined:Oct 2009	Message Posted: Mar 12, 2010 10:55:47 AM Ignore guacamaya66 Report Abuse Gas is up beacause of the especulation. Do not pay more for gas! Shopping around!
silvolvo Sophomore Author Twin Cities Posts:243 Points:559,825 Joined:Apr 2008	Message Posted: Mar 12, 2010 10:55:32 AM Ignore silvolvo Report Abuse Agree with BYOFDAD!
truckguy115 All-Star Author Orange County Posts:827 Points:135,185 Joined:Apr 2008	Message Posted: Mar 12, 2010 10:54:53 AM Ignore truckguy115 Report Abuse another article by PD states otherwise that we Americans set the price of gasoline so what is this all about. either way we get screwed and the jobs will disappear when fuel prices increase again.
hwmillerster Champion Author Missouri Posts:1,653 Points:459,340 Joined:Oct 2008	Message Posted: Mar 12, 2010 10:52:45 AM Ignore hwmillerster Report Abuse It doesn't make much difference if you can afford a tank of relatively inexpensive gas because you are living off unemployment or you can't afford high priced gas living off a paycheck.
SUPERQUACK Champion Author Sacramento Posts:1,288 Points:951,400 Joined:Jun 2007	Message Posted: Mar 12, 2010 10:50:09 AM Ignore SUPERQUACK Report Abuse IF DEMAND IS DOWN , WHY IS THE PRICE OF OIL AND GAS UP ?
esorsd All-Star Author St. Louis Posts:907 Points:652,975 Joined:May 2005	Message Posted: Mar 12, 2010 10:50:01 AM Ignore esorsd Report Abuse Supply and Demand in action.
investmentdr Veteran Author Cleveland Posts:420 Points:494,105 Joined:Sep 2008	Message Posted: Mar 12, 2010 10:48:27 AM Ignore investmentdr Report Abuse duh
bbreff Champion Author Atlanta Posts:4,974 Points:1,599,520 Joined:Jun 2005	Message Posted: Mar 12, 2010 10:44:34 AM Ignore bbreff Report Abuse They can be made to look like abnything desired. BLAH
Wolfwings Champion Author Delaware Posts:3,735 Points:781,145 Joined:May 2004	Message Posted: Mar 12, 2010 10:44:20 AM Ignore Wolfwings Report Abuse I'm not sure I agree with this. SUPPLY is what the provider will ALLOW to be sold. The AVAILABILITY to provide the oil is controlled by the Oil Barrons, wheather they be called OPEC or EXXON or WHOLESALER. The DEMAND is WE CONSUMERS make it. If we REFUSE to buy, demand goes down, followed shortly by PRICES, since oil products have a LIMITED shelf life, and, like fresh produce, will go bad and haVE no value TO THE DEMANDERS. WE set prices, NOT Tthe supply side.
walkit1 Champion Author Memphis Posts:1,186 Points:696,240 Joined:Jan 2007	Message Posted: Mar 12, 2010 10:28:40 AM Ignore walkit1 Report Abuse The recession started in Dec. of 2007 and we knew about it fully by the fall of 2008. We must plan trips and conserve as much as we can.
TJC47 Champion Author Indianapolis Posts:2,175 Points:533,375 Joined:May 2008	Message Posted: Mar 12, 2010 10:22:34 AM Ignore TJC47 Report Abuse Not surprising !
ebowMA Veteran Author Boston Posts:298 Points:387,185 Joined:Apr 2008	Message Posted: Mar 12, 2010 10:21:26 AM Ignore ebowMA Report Abuse You need to look at worldwide demand, and other places that people would invest instead of oil, to really figure out how supply and demand work here.
byoftDad Champion Author Columbus Posts:1,940 Points:730,790 Joined:Apr 2005	Message Posted: Mar 12, 2010 10:20:06 AM Ignore byoftDad Report Abuse The principle of "Supply & Demand" does not apply to the pricing of oil. This is an animal that is controlled by the greed of speculators & oil industry executives.
rfe330 All-Star Author Winston-Salem Posts:700 Points:229,275 Joined:Nov 2008	Message Posted: Mar 12, 2010 10:19:47 AM Ignore rfe330 Report Abuse Keep alternative energy out of the hands of the oil companies or don't bother developing alternative energy.
unicornpmb Champion Author Buffalo Posts:3,337 Points:612,800 Joined:Sep 2005	Message Posted: Mar 12, 2010 10:19:15 AM Ignore unicornpmb Report Abuse I'm starting to wonder if what we do as consumers really matters anymore.
CatMan623 Champion Author Houston Posts:8,301 Points:1,344,175 Joined:Aug 2006	Message Posted: Mar 12, 2010 10:18:30 AM Ignore CatMan623 Report Abuse Thanks for the info. One comment, though.....don't try to use real data. It doesn't get past the "greed" filters.
POLELANE Champion Author Ohio Posts:6,027 Points:680,595 Joined:Mar 2008	Message Posted: Mar 12, 2010 10:18:23 AM Ignore POLELANE Report Abuse is it or isn't it? was it or is it? we have so many federal bean counters, and they all come up with different totals; different meanings;/ who do you trust? I trust the signs I see at gas stations; and gasbudy helps with that.
TTM77 Champion Author Maryland Posts:1,347 Points:815,565 Joined:Apr 2005	Message Posted: Mar 12, 2010 10:18:18 AM Ignore TTM77 Report Abuse I just got lay off.. yes I will drive less.
Tekkie Champion Author Philadelphia Posts:2,222 Points:493,660 Joined:Oct 2003	Message Posted: Mar 12, 2010 10:15:34 AM Ignore Tekkie Report Abuse More greed
Jarod13 Champion Author Virginia Posts:2,741 Points:606,095 Joined:Oct 2008	Message Posted: Mar 12, 2010 9:55:52 AM Ignore Jarod13 Report Abuse sailormon -- yes indeed, that the oil-producing nations, oil companies and refineries, along with the speculators, all seem to believe that the economy is starting to rebound and that we consumers should be the ones that line their pockets with humongous profits. The bottom line is, that if we want lower oil prices, we need to do two things, conserve and drill in order to reduce our consumption while at the same time increasing the amount of oil our nation produces. We also need to develop alternative energy sources to meet our every growing and insatiable need for oil and oil-based products.
sailormon Champion Author Michigan Posts:1,866 Points:460,790 Joined:Jul 2007	Message Posted: Mar 12, 2010 9:33:31 AM Ignore sailormon Report Abuse "While we won't see 2010 demand rise to impressive numbers, the market and economy apparently believe we will, even betting on it by buying contracts today in hope of selling down the road at a higher price." There you go...They are betting at your expense!!
Robert44 Champion Author Columbus Posts:2,832 Points:734,965 Joined:Mar 2004	Message Posted: Mar 12, 2010 9:26:54 AM Ignore Robert44 Report Abuse So it does matter what we do prices continue to go up!!
raleightom All-Star Author Raleigh Posts:765 Points:215,710 Joined:Nov 2007	Message Posted: Mar 12, 2010 9:22:20 AM Ignore raleightom Report Abuse Seems obvious to me. Our newer automobiles are getting better mileage. Alternative energy forms are seeing use in all parts of our society. Highest unemployment in our history (IE: Far fewer commuters and far less idling in traffic at rush hour). Petrol averaging $80 a barrel now vs OPEC saying three years ago that all they needed was $27. I think this is happening regardless of the recession.