The Bitter Taste of Victory: Demand for Oil Set to Plummet
Oil consumption in the US is set to collapse over the next two years, reaching a level we haven't seen since 1997. That's according to two reports from the World Bank. It appears that we're too poor in the US right now to burn as much oil as we used to, so it's pretty hard to call it a out and out victory. Still, we've been trying to kick our so-called addiction to foreign oil for a long time, so I guess this could be perceived by some as progress.According to the reports, the demand for that light sweet crude we like so much is down 50,000 barrels a day this year, and next year the bottom will fall out and drop 450,000 barrels a day. Ouch. I mean good. I mean... I don't know. The real bummer is that when demand falls for commodities like oil and coal, price falls, and that's wreaks havoc on the renewable energy market. Even billionaires like T. Boone Pickens are having second thoughts about forging ahead with their grand plans.
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