Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

Gas Use Hits Record Low, Prices Still Sky High

Increasing supply fails to dent price

By Peter Fearon,  Newser Staff

Posted Jul 10, 2008 2:21 AM CDT
Email

(Newser) – Soaring gas prices are changing Americans driving habits, cutting consumption to the lowest levels in five years, reports the Wall Street Journal. Gas consumption dropped by 3.3% to 9.3 million barrels a day compared with last year's Fourth of July holiday. Some 62% of Americans are changing summer plans because of rising gas prices, and 15% have canceled vacations altogether.

Yet despite falling demand and increasing supply, oil prices remain high. "We think oil is set for a significant correction," said an energy research analyst. "But it's probably not going to occur until the end of this year or early next year."

House Speaker Nancy Pelosi gives a news conference on gas prices in front of a Shell gas station in San Francisco.
House Speaker Nancy Pelosi gives a news conference on gas prices in front of a Shell gas station in San Francisco.   (AP Photo/Paul Sakuma)
A bicyclist takes a short cut through a United gas station beyond a sign for self-serve unleaded, in Lexington, Mass.
A bicyclist takes a short cut through a United gas station beyond a sign for self-serve unleaded, in Lexington, Mass.   (AP Photo/Lisa Poole)
Gas prices, shown at a gas station on Capitol Hill in Washington.
Gas prices, shown at a gas station on Capitol Hill in Washington.   (AP Photo/Susan Walsh)
« Prev« Prev | Next »Next » Slideshow
To report an error on this story, notify our editors.
A snapshot of the day's best news stories.
 
COMMENTS
Be the first to comment on this story.

Congress feels pressure for action on oil prices
New York Times

Democrats open door to expanded offshore drilling
Wall Street Journal

Fuel additives subtract from your wallet
Washington Post

 
gas • diesel • gas prices • oil refineries • New York Mercantile Exchange • Energy Information Administration • oil consumption • Schork Group • gas consumption

More Newser Stories

Even Texas Is Going Electric

US Gas Supplies Hit 2-Year Low
NEWS FROM OUR PARTNERS
Other Sites We Like:   24/7 Wall St.   |   Betty Confidential   |   BuzzFeed   |   Cracked   |   Fark   |   Timelines   |   The Frisky   |   Geek Sugar   |   NewsOne