So here is some interesting information – the amount of gasoline consumed in this country has decreased from 9.00M barrels per day in 2009 to 8.74M barrels per day in 2011, a decrease of 2.9%. Furthermore, consumption is expected to continue to decline to 8.66M barrels per day in 2013 despite the forecast for a mild economic recovery.
Secondly, the amount of crude oil produced in the US increased from 5.36M barrels per day in 2009 to 5.60M barrels per day in 2011. Furthermore, production is expected to continue to increase to 5.92M barrels per day in 2013, an increase of 10% over the four year period 2009 to 2013.
Notwithstanding the increases in prices at the pump, this looks to me to be an excellent long-term trend that might provide economic tail winds for the US economy.