Gasoline sales dropped 33.8% from May 2008 to May 2009. Yet, they increased 3.6% from last month. How much was due to price differences vs. volume changes? It is important to know.
Last spring and summer gas prices soared while demand cratered. The U.S. Department of Transportation is yet to release data showing an increase in monthly miles driven. The downtrend is well over a year old, running from January 2008 through March 2009, the last data available.
Gas prices whipsawed during the fifteen month period of reduced driving. Prices have no relation to automobile use. What's driving the wild swings? Faith in the dollar and opaque energy futures trading platforms. It seems change is yet to arrive.
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