The Energy Information Administration released its Short-term Energy Outlook for March including a downward revision in global and US energy consumption for 2009 and a smaller recovery for 2010. Lower energy demand is keeping nationwide average gasoline ($1.96/gal) and diesel ($2.19/gal) fuel prices depressed.
Background
Global oil consumption was 1.4M bpd in 2007
Total US consumption of liquid fuels in 2008 declined almost 1.3M bpd (6.1%) from 2007