Headline pce inflation of 3% year over year is driven lower by the collapse in energy prices, mostly natural gas not gasoline

Natural gas is twice as important as gasoline for America's energy needs.

eia.gov says the United States used 369 million gallons of gasoline per day in 2022. That's the equivalent of 13 billion kWhr/day last year.

America also consumed 88.52 billion cubic feet of natural gas per day in 2022. That's the equivalent of 26.88 billion kWhr/day last year, 2.06 times as much.

Gasoline is down 14.6% in 1H2023, natural gas 60.5%.