EclectEcon

Economics and the mid-life crisis have much in common: Both dwell on foregone opportunities

C'est la vie; c'est la guerre; c'est la pomme de terre                                     A View from/of the Econochasm by John Palmer

Richard Posner deserves the next Nobel Prize in Economics
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Don't Blame US Consumption for the Oil Price Spike

Ironman, at Political Calculations, presents a graph showing,

In simpler words, we confirm that individual Americans are not
consuming an ever-increasing amount of oil. We can therefore eliminate
increased U.S. consumption of petroleum-based products as a significant
contributor to the recent spike in the world price of oil.... As we see in the chart ..., the amount of
finished petroleum products consumed by U.S. residents started at 2.572
gallons per day in February 2007 and peaked at 2.661 gallons per day in
August 2007 before plunging to 2.443 gallons per day in March 2008.

To see his chart and his analysis, click here.
Category: Economics, Energy Posted on Monday, June 30, 2008 at 9:41pm
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