Taken together, the estimated net effect of income and price changes and their respective elasticity estimates during the first half of 2011 imply a 1.1-percent decline in gasoline consumption over the comparable year-ago period. However, the estimated average fuel efficiency of the in-use vehicle fleet rose by roughly 1.0 percent in the first half of 2011 compared to the comparable year-ago period based on a calculation made using total gasoline consumption reported by EIA and total highway miles travelled reported by the Federal Highway Administration. Therefore, the combined effect of the income, price, and fuel efficiency impacts as modeled by EIA would be a 2.1-percent decline in consumption, similar to the 2.0-percent year-over-year decline reported for January through June 2011.
Gasoline consumption: How did we get here?
- DHM Markets/Marketers: CA Class 1 dips
- WASDE: 2014 dairy, beef price projections raised
- Crop markets quite mixed after WASDE report
- USDA raises corn export forecast by 25 million bushels
- D.C. Watch: Apply for disaster assistance by April 15
- IMI Global acquires Merck Animal Health's verification business
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