I can see the demand destruction, but for now I remain doubtful that it is big enough to cause a lasting decline in the price of gasoline. I would not be surprised if the price starts heading higher again. Crude oil prices have already started heading higher...
Of the 672,000 b/d in total imports, 199,000 b/d were crude oil, according to EIA data. The rest were petroleum products, with unfinished oils accounting for over half (354,000 b/d), followed by gasoline blending components (50,000 b/d)...
On the 5 year horizon, we should see a shift to higher fuel economy vehicles and PHEV's, perhaps some conversion of light trucks to CNG, further replacement of heating oil, a reduction in jet fuel and further replacement of gasoline by ethanol(10E to 15E). These changes could account for...