Gas Prices Spur Drivers to Cut Use to Five-Year Low

[phantom power]

As average gas prices hit a record high of $4.108 a gallon this week, the government released new data showing that drivers have cut back their use of the fuel to levels not seen in five years.

...Even through the Fourth of July weekend -- a time when Americans traditionally get on the road -- gasoline consumption dropped 3.3% from last year to 9.347 million barrels a day, according to weekly data released by the federal Energy Information Administration. For the first week of July, that is the least drivers have used since 2003, when consumption was 9.05 million barrels a day.

http://royaldutchshellplc.com/2008/07/10/gas-prices-spur-drivers-to-cut-use-to-five-year-low/

[Strelnikov_]

1. Demand destruction in action

Supply = Demand Demand = f(Price)

[whosinpower]

2. I know I have cut back

This summer, I decided to ride a bike to and from work. I should be able to continue until mid to late September. Saves me money and helps my fitness level....and once I manage to get the hang of it without falling off - it will be fun too!