Benjamin b2

yes demand has dropped that much in 6 weeks, i know at the farm we bought 2 brand new toyotas and got 25mpg, then turned around and drove no where, especialy cause we bought expencive fuel for the summer months. supply and demand, speculators drove the price up, we brought it down by not driving. when someone drives 500 miles less each month, times that amount of fuel not bought by a whole nation and you will see someone in iraq and iran scratchin there head wondering if their still in control of us. they may have had us by the ***** but we turned it around by changin our ways. how many motorhomes and boats did you see goin up and down the high way this summer, very few.

Springer

Americans and everyone else for that matter are using less oil..

90 billion less

"On Wednesday(11-19-08), the U.S. Department of Transportation reported that Americans drove 90 billion fewer miles over the most recent 11 months of the fiscal year."

Wood/pellet/coal stove sales have increased over last year. My Father just changed to NG to heat his home and the plumber was backlogged 3 weeks because of conversions.

And now you do know what will happen Higher road taxes to offset the lower revenues from gas and diesel sales .....

NotEnufGarage

The prices get set by what someone is willing to pay for the last barrel, not the first one. If there's more oil on the market than is needed, that last barrel starts going down in price. That process follows again on the finished products.

67HotRod

They put a clamp on the oil speculators buying oil. They were buy 22-23 barrels of oil for every barrel used. Thats what drove up prices, and the recession/depression is driving the prices down even more now.

RCinMesa

The govt. said today that in the US in October, we drove 9 billion fewer miles compared to last year. I'd say if that is true, yeah, demand is down. Airlines parked planes, people quit driving... not just here either, world wide. But, oil producing countries in the middle east, and oil refiners and suppliers are still doing ok, they made a lot of money in the past 24 months.

ronc

How about bend over and grab your ankles.

infidel

Anyone see what the Saudis are up to to make sure the world doesn't run out of oil on 60 Minutes last weekend?
They are spending hundreds of billions building drill sites, pipelines and storage.
They have one drill site that will come on line next year that's 250 miles from anything that they say will produce more oil per day than the entire US including Alaska.
The Saudis feel the age of oil is far from over if they can help it.
Took a while for the interviewer to get it out of the Saudi Oil Minister on how much it costs them per barrel...
$2.00

Watch the video here, very interesting http://www.cbsnews.com/video/watch/?id=4653139n

snoyes

Probably why they nicknamed it "black gold."