Demand didn’t decline that much with the first wave of the financial crisis in 08 - 09. People were terrified then, at least here they were. It’s not as bad this time. Maybe we’ve just been ground down and are accustomed to it by now, while much of the rest of the country is getting its first taste of what we went through then? It just doesn’t stand to reason, to me.
Do you remember what brought down gas prices the last time we went through this BS.
The President (NOT the pResident) was going to open our strategic oil reserves and look what happened...
gas prices came down!
Do you think Obummer has the zalls to do this (think again)... a G20 conference was held today in Mexico City and our clueless tax cheater Geithner stated that the US is considering this option, but don’t count on it!
At that time, many were still working. Not to many of those employed had the chance and willingness to trade vehicles to those with better gas mileage. Since then we have had quite a few give up and just retire at a poorer level than expected, and some with money or still working have traded cars. Also our ethanol quantity in gasoline has significantly risen also reducing gasoline consumption.