From Marin Katusa, Chief Energy Investment Strategist, Casey Research:
Gasoline consumption in the United States has been dropping for years. In the last decade, vehicle fuel efficiency has improved by 20%, and the combination of that shift and a weak economy of late has pushed gasoline demand to its lowest level in a decade.
At the same time, U.S. oil production is at its highest level in a decade. Deepwater wells in [...]