By Patricia L Johnson

The following paragraph was recently written by you.

Consumers don’t understand supply and demand.  They control demand, but that fact just doesn’t register on them.  Prices of gasoline will start to fall when consumers start using less of it.  Drive less, use less, buy less.

It seems to me that economists look at "what should be", while accountants look at what is…

Perhaps years ago, when United States production of oil was close to consumption of oil, consumers did ‘control demand’ and the supply and demand would fall into place if consumers purchased less, but consumers no longer control demand.  When it comes to oil U.S. consumers control zip, zero, nada! 

The following figures are from March 2007 – Source – U.S. Department of Energy

U.S. Petroleum Consumption

20,802,000 barrels/day

U.S. Crude Oil Production

5,178,000 barrels/day

U.S. Crude Oil Imports

10,126,000 barrels/day

Dependence on Net Petroleum Imports

60.3%

U.S. Motor Gasoline Consumption

9,159,000 barrels/day (384.7 million gallons/day)

Total World Oil Supply (2006)  

84,511,000 barrels/day

Total World Petroleum Consumption (2005)  

84,538,000 barrels/day