...if the great recession happened three years earlier.
The peak is in 2005 and decline since then. There is clearly some structural adjustments going on in the mid-2000s and exacerbated by the recessions.
GDP now is higher than 2007 but gasoline demand has not rebounded. Even with low prices.
Why? The answers are around us. Energy efficient and alternative fuel cars. Surging public transit investment and ridership. Dreaded bike lanes. Urbanization.
Needless to say, this trend will be monitored closely.
|