Bruce Pile

Perfect Oil Storm Brewing in the U.S.

You should keep in mind that the comparison just released for miles traveled dropping 4.3% is between March '07 and now. Think back to March '07: oil had just come off a precipitous drop from $80 to $50 diffusing most drivers' fear of the gas pump. So you are comparing a 150% one year increase in the price of oil to a 4% pullback in motoring demand. This driving reduction probably came from fearless levels where every needless trip was gladly taken. The more reduction there is, the harder it is to accomplish.