Gasoline Consumption Falling
Soaring gasoline prices, pushed by record crude oil prices, are causing U.S. consumers to reduce consumption of gasoline, the Wall Street Journal reported Monday.
Over the past six weeks, U.S. gas consumption has fallen by an average 1.1% from a year ago, the most sustained drop in at least 16 years, the Journal reported in a front-page story.
The decline in demand comes even as supplies have risen, reaching the highest levels in 14 years.
Crude oil, meanwhile, surged to a new record Monday, as the dollar weakened to another low against the euro, the Associated Press reported.
Benchmark light, sweet crude oil futures hit $103.95 a barrel on the New York Mercantile Exchange, AP said. that level is even higher than the price of $103.76 that many analysts believe oil hit in 1980, when adjusted for inflation into 2008 dollars.
Crude topped out at a record closing price of $102.59 on the Nymex Thursday, before falling 75 cents to close at $101.84 on Friday, Bloomberg reported.
