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March 21, 2012
Obama's Dept of Energy misleading people on gas demand to dampen price rise?
According to this Wall Street Journal column written by Carolyn Cui, few market observers believe data from Barack Obama's Department of Energy when it comes to measures of gasoline demand: If the Department of Energy is to be believed, weekly gasoline demand has fallen 7% on average from a year ago, to its lowest level since 2001. But few market observers believe it. Gasoline is the most-used oil product in the country, and data on its usage provide the benchmark for analysts to forecast U.S. energy use, households' income and economic growth. The Energy Information Administration's weekly report on U.S. gasoline demand has for years been the most-watched measure of gasoline usage. Analysts and economists use it to make projections, and traders use it as a gauge of when to buy or sell. But many analysts say the recent data are flawed. They say the data suggest American drivers this year, based on the average of weekly figures, have cut back at the pump by 622,900 barrels a day...(Read Full Post)