US lubricant consumption has fallen to the lowest level in at least 42 years, according to Bloomberg Opinion calculations based on data from the Energy Information Administration and reflects a cyclical slowdown globally. See The Lube that Greases the World Economy Says Beware 2024:

Wherever one looks, from Europe to the US to China to India, the message is uniform: The machines that power economic growth aren’t running as fast as they did in previous years. That echoes other indicators of industrial activity. JPMorgan Chase % Co.’s global manufacturing index has notched 14 consecutive months below the 50 level, which indicates a contraction. Diesel consumption has also weakened in many countries, another sign of factories slowing down.

Also, despite an ongoing war in the Middle East and an extension of Saudi/Russian production cuts, oil has fallen from $95 at the end of September to $76 this morning see Oil slips below $80 amid economic concerns, sufficient supply. US gasoline consumption per capita is also weakening (shown below since 1990).