"The huge dropoff in gasoline and petroleum usage in the US, coupled with falling shipping rates, a drop in Japanese Exports Three Consecutive Months, and a European Recession poised to get much worse, makes a strong case that a collapse in global trade is underway."(Paragraph lifted from Shedlock's Global Economic Analysis.) Additional graphs at that site show petroleum is moving down in step with gasoline and this is a robust result, independent of which quarter of the year we are in. (Gasoline is one subset of petroleum products that include diesel, asphalt, aviation gas, kerosene, heating oil.)
A more striking version of the first chart, different source:
No comments:
Post a Comment