this post was submitted on 19 Jan 2026
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they are shutting down refineries all over the country because people aren't buying as much gas as they used to
I saw an IEA (i think it was ) estimate that China reduced oil consumption by 1.6 million barrels a day already becase of their EV rollout (cars and buses).
I imagine electricity generation is also transitioning away from diesel
I don't think anyone is using diesel for electricity generation except remote locations.
And backups.
Getting under $60/bbl has been a big deal. But a lot of that has just been the economy slowing.