Listing to the radio yesterday morning, I learned that gasoline prices here--about $2.10 to $2.20 per gallon--are a full 70 cents lower than they were a year ago. Looks like my (and Pentadad's, and Mitch's) bike riding has been having its desired effect. You're welcome. :^)
How much of an effect? Well, the EIA notes that in July, gasoline deliveries declined by 17.6 million barrels vs. a year before, a 5.7% decrease in overall usage. I would guess that August deliveries will be down in a similar manner.
Notice also that the previous big drop in consumption didn't start with the imposition of CAFE standards in 1975, but rather with the 1979 oil crisis. The next one occurred during the first war with Iraq, when obviously those supplies were not in production. Those who think that government regulations are the key to managing our energy supplies would be well counseled to take a close look at this graph.
Also in good news, I noticed a lot of "deals" at the grocery store while shopping last night. Try as I might, I don't think that I can take any credit for THAT--my appetite while riding is pretty hearty! Maybe people are using this time of short credit, low levels of free cash, and more to start their diets?
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