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NEW YORK (Reuters) - Oil fell to $113 a barrel Tuesday after government data showed the steepest decline in U.S. crude demand in 26 years, adding to mounting concerns about global consumption.
U.S. oil demand during the first half of 2008 fell by an average 800,000 barrels per day (bpd) compared to the same period a year ago, the biggest volume decline since 1982, the Energy Information Administration reported.
Seems a free market w/o nanny laws (like national maximum speed limits) can accomplish good things. Less congestion, less CO2, safer travels, increased public transit usage, decrease in miles per capita, freedom to decide for oneself what is best for one's own needs and values, the real American way.
And I am sure all of us smart owners and smart drivers are contributing our fair share and then some to the lower oil usage portion (800,000 bpd less) at least and still driving at a reasonable speeds on interstate highways.
Those numbers are amazing, but also sound about right. There's lots of people like me who went from a vehicle that got 25 mpg to a vehicle that tickles 50 mpg provided I behave myself.
By your logic, we should have stopped adding safety improvements to cars after safety glass.
A 75% increase in price resulted in a drop of 4% in use. Since we only produce 35% of our consumption, what do you think the price would have to be to become "Oil independent"? $15/gal? $20/gal?
That is why we must reduce our use by voluntary means, and if that isn't enough, legislated means. Our society would collapse with $20/gallon gasoline. We are puppets being manipulated by OPEC and Russia. If they embargo us, $15-20 is very possible. Oil tripled in price during the last embargo, and we were much less dependent on foreign oil then. The only long term solution is to reduce our consumption drastically, not 4% but 40%.
People are giddy over gas going under $4.00 a gallon. It is a ratchet effect. After gas goes to $5.00/gallon and comes back to $4.75, people will be giddy again.
Funny how higher gas prices reduce consumption. When it gets to $6 a gallon either consumption will drop even more or some other measures (price controls or rationing) will come into play. Remember, this is a matter of national security (or so we're told) so any methods to protect our country are acceptable.
Remember, this is a matter of national security (or so we're told) so any methods to protect our country are acceptable.
Spot on!
This is why it is matter of national security for Congress to
-stop prohibiting drilling in most U.S. seas
-stop prohibiting oil production in ANWR
-stop prohibiting shale oil production in the massive deposits of Utah and Colorado
The U.S. has abundant oil, if only politicians will stop blocking access to it.
James Kendell, one of the authors of the study, said the refuge would add to domestic production, but “when you’re talking of a world oil market of over 75 million barrels a day, adding 900,000 barrels by 2025 is a drop in the bucket.”
And since oil is a world commodity, how do we know how much, if any, of the ANWR production would actually benefit the US, unless the government controlled its sale?
«adding 900,000 barrels by 2025 is a drop in the bucket
Right.
That's what Bill Clinton said a decade ago when he vetoed ANWR oil production. So... should we not build hospitals, airports, and factories because... after all, these are just drops in the bucket? Besides, all of these projects take years.