Some predicted in 2008 that US gasoline demand would never again exceed 2007 levels. How far US gasoline demand has fallen is not completely clear, with various measurements indicating that demand is back at 2004, 2002 or 2001 levels.
The trend is most important, and it is clear: down.
The cause of falling gasoline demand has been rising ethanol usage, increasing fuel efficiency in vehicles represented by the Prius boom, and demand destruction caused by high prices causing less driving, more car pooling, and public transit use.
US gasoline prices have rocketed up as demand falls and domestic oil production rises.
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