An article submitted by Tim Wallace to Mish’s Global Economic Collapse website discusses today a large drop off in petroleum and gasoline usage. To check out the graphs click on the link to the full article. This ties in a little with a previous post which Chris Cook gave in an interview with Max Keiser in which he said he expects a collapse of oil price in the first 6 months. According to Chris Cook the reason for large oil prices is because of mistrust in the dollar which causes investors to buy oil contracts.

As I have been telling you recently, there is some unprecedented data coming out in petroleum distillates, and they slap me in the face and tell me we have some very bad economic trends going on, totally out of line with such things as the hopium market – I mean stock market.

This past week I actually had to reformat my graphs as the drop off peak exceeded my bottom number for reporting off peak – a drop of ALMOST 4,000,000 BARRELS PER DAY off the peak usage in our past for this week of the year.

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An amazing thing to note is that in two out of the last three weeks gasoline usage has dropped below 8,000,000 barrels per day.

The last time usage fell that low was the week of September 21, 2001! And you know what that week was! Prior to that you have to go back to 1996 to have a time period truly consistently below 8,000. We have done it two out of the last three weeks.

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Looking at these numbers I believe we are about to have a surge in unemployment – by the end of April latest, possibly as early as beginning of March.

 

 

 

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