"An Energy Department report released Wednesday showed that gasoline demand in the United States last week had fallen 2.4% from the same period last year. And a weekly survey of filling station credit card swipes from MasterCard recorded declining demand for the 13th week in a row." reported by: Kenneth Musante at cnnmoney.com on July 25, 2008
Better News!
Oil Prices Fall As Storm Misses Rigs by Mark Huffman at Consumeraffairs.com on July 22, 2008
This article references a few factors that have helped pop the rising oil bubble, including; U.S. Senate's probe into the consequences of oil speculation, a good weather forecast, and a reversal of the falling value of the dollar. The dollar has continued a slight strengthening against the euro this week, reducing oil's appeal to investors. Here Mark explains: "Analysts say traders sold futures contracts after weather forecasters reported that the tropical storm in the Gulf of Mexico will bypass the oil rigs. It was the damage to rigs caused by Hurricane Katrina in 2005 that began oil's rapid ascent."
I am pumped about this -no pun intended. As you know, I like to save money,and cheaper oil represents my kind of investment. How much has the decreased American demand for gas affected the price of a barrel of oil? Though not one of the reasons given, I am curious to know if the dip in price of oil has been affected by cheap drivers like me, pinching the pedal to save money. Afterall, the way I choose to improve my car's fuel economy starts in my wallet, and my wallet gets fatter the more gas I save, and a fatter wallet makes my opinion a more noticeable investment in the broader goal to decrease American dependence on foreign oil. I am already enjoying the benefit of an extra 30$ a week by using a "green pedal" approach to driving. So published evidence or not, the proof is in my purse and I lift it high to proudly proclaim: "Power to the green pedal pinchers!"
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