NEW YORK: As a U.S. economic rebound stalls and threatens to spiral into recession, oil demand in the world's top consumer may be slipping into an irreversible decline.
Last year's fledgling recovery in U.S. oil usage -- when demand rose 400,000 barrels per day (bpd) -- made up for only a part of the 1 million bpd demand drop during a year of economic turmoil that began in August 2008.
Until recently, most analysts believed a healthier economy would push U.S. oil use higher this year and next, before tighter environmental regulations, increased use of biofuels, and tougher fuel-efficiency standards kick in later this decade to lower demand permanently.
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