I wonder how much of the decline is due to the relatively warm winter.
I was wondering the same thing. The answer is in the data break down by gasoline / fuel oil / K-1. Our fuel oil bill was well below normal this year.
You would think that home heating oil usage, which would manifest itself on the blue line, would be down but warmer winter weather in a normal economy should push gasoline usage up, all things considered.
People are probably hunkering down due to the gas price which will be bad news for the resorts, motels, rental car agencies, etc.
Improving economy? Keep telling yourself that, MSM.
OK, I’ll bite.... how does “warmer winter” signify lower gasoline consumption?
A warm winter will, however, cause consumption of natural gas and home heating oil to decline.