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With oil plunging to record lows, and the average retail price for gas sinking to less than $2, will Americans rekindle their love affair with trucks and SUVs?
Falling gasoline prices are putting extra money in the pockets of consumers, but there is also some concern that drivers may return to their gas-guzzling vehicles.
Are you taking advantage of cheaper gas prices? Could this be the second coming of gas-guzzling vehicles, or is this simply a brief reprieve? Share you cheap gas strategies.
It’s become a truism that Americans are driving less due to high fuel prices. Here are five signs that signal a decline in demand:
1. Drop in volume: The fall in U.S. oil demand in the first half of 2008 was the biggest in 26 years, according to the EIA.
President Bush is urging Congress to end a decades-old ban on offshore oil drilling in response to consumer anxiety over record-high gas prices.
“Every American who drives to work, purchases food or ships a product has felt the effect. And families across our country are looking to Washington for a response,” Bush said.
Presidential candidates John McCain and Hillary Clinton want to suspend the gas tax for the summer to offer drivers some relief from record fuel prices. President Bush said this week that he was willing to consider a fuel tax holiday.
Barack Obama opposes the idea, saying it would not amount to much. House Democratic leaders have also shown little support for suspending the gas tax. Some experts say that a gas tax holiday wouldn’t help drivers much if service stations don’t pass on the savings to consumers.