The "Peak Car" theory says U.S. citizens will buy fewer cars
Compared with the rest of the world, the U.S. has long been known as the gas guzzler country--the nation of the widest roads, largest vehicles and the least amount of reliable mass transit for the geography. That image could be changing, according to a new study that says driving in the U.S. has already peaked and will decline.
Drivers will experience some relative relief at the pump
Although gas prices have been steadily declining over the past few days, and seem reasonable compared with $4.00-plus pump prices, it looks like travelers will see a record high for Thanksgiving weekend this year.
New Jersey, New York residents report hours-long lines, dry pumps
In theory, industry analysts say there's no reason that victims of Hurricane Sandy's devastating path should face gas shortages or long lines at the pump. In reality, many gas stations are shuttered. And at ones that are open, customers face lines that are hours and miles long.
Saudi Arabia is the world's top producer of oil, extracting approximately 11.6 million barrels every day. The oil takes care of approximately two-thirds of the kingdom's own energy needs and is the lynchpin of the country's lucrative exports.
Experts say president has little control over volatile oil prices
Tonight's third and final presidential debate is scheduled to focus on foreign policy. But in doing so, President Obama and Gov. Mitt Romney will likely address a decidedly domestic issue – gas prices.
California's woes won't spread nationally, but higher gas prices on the way longer term
In one California town, police have arrested a man who allegedy stole more than 1,100 gallons of gas from a nearby Shell station. In another city, several gas stations posted cardboard signs by their idle pumps. "Closed."
Similar portraits of desperation emerged across the state Monday as Californians grappled with sky-high gas prices, gas shortages and rations.
Effect has been "dramatic," according to Ford spokesperson
The recent surge in gas prices across the country has brought similar surge in the number of car shoppers seeking fuel-efficient vehicles. The effect has been "dramatic," Ford spokesperson Erich Merkle said.
In May 2008, Goldman Sachs analyst Arjun Murti projected that oil would climb from its then record cost of $129.60/barrel to $200/barrel. The New York Times had Murti predicting that American drivers would soon be facing $6 per gallon gasoline.
In the market for a new car this summer? Has it been long enough since the last gas price spike that you're not really worried about possible pain at the pump? If so, then you're like a lot of U.S. car buyers right now, according to new figures from AutoTrader.com.
According to the American Petroleum Institute's (API) Monthly Statistical Report, U.S. gasoline deliveries for the first half of 2010 averaged 8.88 million barrels per day, 0.6 percent lower than the corresponding period a year ago. Though the drop in demand is minuscule, it does provide us with an indication that despite low gas prices and a rebounding economy, U.S. demand for gas continues to wane.
Gasoline consumption across the U.S. has steadily declined during the last decade. Analysts have chalked up the drop in gas usage over the last ten years to the rise in more efficient technologies, better public transportation, the stalled economy and steadily increasing gas prices.