For the first time since 1983, demand for oil is projected to be down for 2008 by approximately 200,000 barrels a day. The International Energy Agency, which calculated this projection, also says 2009 calculations show even lower amounts of consumption. If this happens, it will be the first time in 30 years there is a two year decline in consumption.
As gas prices have been falling further and further to a national average of $1.66 last week, there are some signs of higher consumption; For the first time in 33 weeks, gasoline demand finally saw an increase.
These prediction are interesting, but with the amount of change we have seen in gas prices over the last four or so years, who really knows whats going to happen.
4 comments:
Well, now may not be the best time to be graduating, but we can travel cheaply now. So some positive out of this.
Yes, Gas prices are low, but in the late 90's when we were all in middle school, gas was below a dollar a gallon. So, i think prices have room to drop significantly.
I cant believe the drastic drop in gas prices from this summer. Oil climbed up to 140$ a barrel and has now dropped about 100$ to just about 50$ a barrel. I think consumers really saw how gas prices can effect everyday life and have decreased demand by resorting to carpooling, public transportation, and making every carride as efficient as possible.
Well, it's funny how quickly predictions change. Now "experts" are saying there will be a sharp increase in the cost of oil come spring.
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