http://www.newyorkfed.org/research/directors_charts/us_oil.pdf volume is in long-term trend downtrend, I dont know if they adjust this to population growth, I believe not, this makes the move even stronger
The difference is we still use the same amount of oil, but import all the physical goods we used to use it to produce.
This will help in that regard http://www.boston.com/news/local/ma...s_expected_to_increase_heating_costs_in_mass/ Cost of heating oil here in Boston has gone from 2.89 last year to 3.39 this year.