DOE Stats Highlight Weak Economic Recovery
U.S. Avg prices for Gasoline -$1.17 vs. last year, Diesel -$1.34 vs.last year.
Demand is particularly grim for distillates. Not much better for gasoline.
The persistence of demand destruction despite lower prices vs. last year, highlights the weak condition of the economy and consumer frugality. Consider at this time last year, Lehman had failed and the world financial system was paralyzed.