Backseat Driver: Low fuel prices bring limited relief
2:53 PM Fri, Nov 21, 2008 | Permalink
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Now gas prices have really fallen, will there be an increase in demand for bigger vehicles? I don't think so because the average consumer is currently in a total non-spending mode for anything, let along a vehicle. Indeed, I suspect that those folks buying vehicles right now pretty much have to buy them because their old cars or trucks need replacing. And it is not hard to imagine fuel economy being in the front of most people's minds even if the price of gas is now below $2 a gallon. The certainty that comes with a lack of change has been replaced by the wariness that comes from too much change. Nothing is certain any more. The markets continue to roil, the ranks of the unemployed continue to swell and our retirement savings continue to dwindle. And while we may be glad that we are now spending less on our fuel bills, we cannot be glad that the reason for the low prices is that the world economy - and thus demand for oil - has fallen off a cliff. - Peter C.T. Elsworth 
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