Drivers Cut Gas Use to Five-Year Low

The recent slackening off in crude prices is probably being driven by demand destruction. Americans are using a 2003 level of gasoline in 2008. They are furious with their elected representatives over high prices. Don’t expect relief to be forthcoming. In Businessweek, the Saudis are lying about their ability to goose production. More about the latest oil shock.

Update: Crude is back up $5+ (over the $140 level) today.

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  1. It looks like the Saudis have reached or are near peak production. If they have reached peak production it certainly would explain their lack of ability to “turn up the tap” and fix oil prices.

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