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Yes, a 10% drop in US VMT is a big deal. #Oilpricesare determined at the margin. A 1% drop in demand has a significant impact, so the impact of a 10% drop in one year is huge.
.@ARKInvest believes that the oil price peaked at more than $135 per barrel in 2008 and has been hitting “lower highs” and “lower lows” as demand “growth” has disappointed expectations for the last 12 years.
Oil demand probably hit a secular peak last year and, thanks to #EVs, now is in secular “decline”. Though ARK has no formal forecast, I believe that #Oilprices are on their way back to $12, the level reached after the 1973 oil cartel crisis, or lower, now that EVs are taking off.
