Gas prices of $3.50 to $4.00 have led to 5 straight weeks of declining demand for gasoline in the USA as more consumers park gas guzzlers, buy more fuel efficient vehicles, car pool, and take public transit where available.
But American reductions in demand will not be enough to reduce the world price of oil, because surging demand from China, India, and other countries continues to increase total global demand.
The US consumer cannot reduce demand enough to cause world oil prices to reverse, unless we move off oil. We remain over a barrel.
Meanwhile compressed natural gas to run vehicles is available for $1.40 to $2.00 per gallon equivalent. We are really addicted to oil when alternatives are cheaper and cleaner and plentiful and made in America but we do not use them.
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