Prices thus rose in precise alignment with the fundamental laws of supply and demand. Gasoline prices have also come down, following once again the broad movements in underlying oil markets. It is interesting to note that the rise in crude and product prices over the past year did not trigger the kind of inflationary push we might have seen in earlier times. In fact, the dependence of the U.S. Economy on petroleum today is far less than in the past. More people and goods are moving across the planet at an unprecedented pace.
More air travel means more demand for our aviation fuel.
All those trucks delivering products that you are ordering on the Internet are raising demand for diesel fuel. Petroleum demand will likewise remain in step. We see demand rising by about 1.4 million barrels per day this year and almost 2 million barrels per day next year. Since the beginning of the year, our stock is down about five percent. This performance is typical of most of the oil stocks during the first quarter and, indeed, with many of the traditional value stocks.