Demand for gasoline was higher in 2007 when oil was running up to $150, than it is now with oil at $33...of course, the Bush bubble all collapsed overnight like a cheap tent, taking oil down with it. The seven year Obama delusion will be no different, with oil starting at $30/barrel rather than $150...
U.S. gasoline demand (red) with oil price:
https://www.eia.gov/petroleum/weekly/
The concept of the "consumer" was invented so that EconoDunces could give their approval to *Free trade* deals, as in "consumers" will benefit when the economy is outsourced. All of which asinine chicanery merely bolstered short-term corporate profits at the expense of long-term economic depression.
To see what I mean, above is gasoline demand (red) with oil price. This is a lesson in "elasticity of demand" or lack thereof. In the 2007 cycle, demand for gasoline was positively correlated to the price of oil, because the economy was more robust (albeit still fake), than it is in this cycle. Since 2008, elasticity of demand has kicked back in and demand is now inverse to price. However, inelastic price demand as exhibited in 2007 makes sense in the context of a robust economy wherein people have jobs to get to, whereas, price aversion makes sense only in a slack economy.
All of which means that this will be the TOP in oil price for years and years...
