SZO - Gasoline Demand Is Declining

On Wednesday, the U.S. Energy Information Administration ("EIA") released the latest Weekly Petroleum Status Report:

Total Stocks, including the Strategic Petroleum Reserve ("SPR"), were relatively unchanged and decreased by just below one million barrels to 1.942 billion barrels or 33 million barrels above the level exactly one year ago.

Domestic Production dropped week-over-week by 100,000 barrels per day to 12.4 million barrels per day, in line with my prediction in Oil Prices To Rise that Domestic Production growth would remain muted through year end:

Indicatively, the U.S. oil rig count continued to