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.
Amazing.
