Gas prices have tumbled over the past two months. That's a good thing for consumers, but not so good for sales of green-friendly 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.
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.
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.
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.
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