My experience suggests that if petroleum does not grow at least 0.8% year on year the economy is headed recessionary. Notice the plunge of '08 into the abyss of '09....
Gasoline usage history shows a small rise in '07, then a plunge in '08. Usage level for the next two years was flat, followed by a huge plunge now. I did not expect this plunge because gasoline is a lot less volatile in my historical analysis than the overall distillates, some of which are weather related, such as heating oil.
It raises the question, why have people stopping driving, because that is what is happening.Read the whole post at Mish's Global Economic Trend Analysis
US Petroleum and Gasoline Usage Plunges Last 5 Weeks Compared to Prior Years
by Michael ("Mish") Shedlock