Dollar Value, Oil Prices, and Energy Issues
Some polls tell us Americans Want to Drill, others tell us Americans Don’t Think More Drilling Will Lower Gas Prices. Over the weekend there were reports of the dollar rising and gas prices dropping. Wednesday brought reports of oil prices increasing, the dollar weakening and prices still dropping at the pump.
The Orlando Sentinal reported:
At the pump, retail gas prices continued their decline, suggesting that cash-strapped Americans are still cutting back on their driving. A gallon of regular slipped another penny overnight to a new national average of $3.73, almost 10 percent lower than record prices of $4.114 a gallon reached July 17, according to auto club AAA, the Oil Price Information Service and Wright Express.
On Friday the discussion about the price of oil centered around OPEC’s recent report showing the demand for oil is down. According to the Baltimore Sun OPEC’s estimate of oil demand is summarized as follows:
In its monthly oil report, the organization forecast world appetite for oil this year overall will fall by 30,000 barrels a day. While forecasting demand growing by a daily 1 million barrels a day this year, and another 900,000 barrels in 2009, the report noted that world demand growth next year will also be “the lowest since 2002,” with demand growth from the major industrialized countries actually declining.
How will this affect the fight for Energy Independence in America? How will this affect the country’s current attention to energy efficiency? Gas prices dropping help all Americans who need to purchase gas for private or business purposes. The concern is complacency regarding energy issues returning to Americans as we begin to experience gas prices lowering.
NPR reporter Scott Horsley’s August 12th report Drop in U.S. Oil Prices a Two-Edged Sword talks about behavioral changes of Americans being “fleeting”. Horsley reports signs are already evident that Americans are backsliding on their current conservation trend.
This is a critical time for those who are passionate about America’s increased interest in energy issues. While potential relief at the gas pump is favorable, it is concerning to note how quickly interest in conserving energy can wane. We must continue to keep energy issues on the forefront of the pending election as well as in front of all of our elected officials in the days and months to come.
Related Posts:
- Will High Gas Prices Kill Suburban Sprawl
- Can We Love Big Oil and Be Green at the Same Time? Yes Say Republicans
- US Will Export $440 Billion for Oil in 2008
Photo Credit: Josh Parrish via Flickr Creative Commons Liscense
