The demand destruction is there. But we're producing MORE than we were in 2008. Big difference? Exports have jumped. The demand is overseas.
You might want to switch over to the following already-existing forum discussion on the same topic, where I've laid some charts out.
Thoughts on US Fuel Use Decline
http://www.peakprosperity.com/forum/thoughts-us-fuel-use-decline/72383
Poet
Good point - will switch over to the other thread...
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Gas consumption is way down...
http://globaleconomicanalysis.blogspot.com/2012/05/3-month-gasoline-and-...
We are back to gas consumption levels of 1998. No way the price is back to 1998. To me this indicates a lot of demand destruction.