US retail sales increased 0.2% in July, in line with expectations, albeit a touch lower than some forecasts anticipated. Nonetheless, that’s a sluggish gain and well below June’s 0.6% rise. On the other hand, let’s not overlook the fact that retail spending advanced for the fourth month in a row through July. In fact, save for March, retail sales have increased every month this year.
Daily Archives: August 13, 2013
Another Nail In The Coffin For Peak Oil
The theory of peak oil suffered another blow with the recent news that global crude oil production increased to a new all-time high in April 2013, the latest set of output numbers from the US Energy Information Administration (EIA). Production touched 76.348 million barrels per day in April, inching above the previous global peak of 76.036 million bbl/day in December 2012. The new era of increased oil supply, in other words, continues to find broad support in the data.