Gasoline prices fall in California, U.S. as demand drops
By Ronald D. White, Los Angeles Times Staff Writer
July 22, 2008
Worries that Tropical Storm Dolly could become a hurricane that might threaten the Gulf of Mexico sent crude oil prices past $131 a barrel Monday after big losses last week.
Meanwhile, gasoline prices retreated nationally and in California, the Energy Department said. Analysts attributed the decline primarily to lower demand.
Last week, worries that a weakening economy would further slow demand sent oil down more than $16 a barrel, the biggest weekly decline ever in dollar terms.
At the nation's gas pumps, a gallon of self-serve regular dropped 4.9 cents to an average of $4.064, according to the Energy Department's weekly survey of filling stations. The U.S. average was $1.106 lower at this time last year.
Wow, isn’t that interesting. Decreased demand--something we can achieve through simple conservation measures like parking the Hummer in favor of a Prius, car pooling, public transportation, etc.--has lowered gas and oil prices.
And we didn’t have to drill one drop. Or build one new refinery.