Gasoline consumption in the U.S. has fallen by 75% since 1998:
U.S. “gasoline consumption” – as measured by the U.S. Energy Information Administration (EIA) itself – has plummeted by nearly 75%, from its all-time peak in July of 1998. A near-75% collapse in U.S. gasoline consumption has occurred in little more than 15 years.
Less demand. More supply. Price falls.
You can’t break the laws of economics.