Proof that Americans are driving less came on Wednesday in the form of an unexpected rise in U.S. oil and gas supplies. The surplus, as well as anxieties over the status of the $700B bailout package, led to the price of oil falling below $98 per barrel. The price of light sweet crude for November delivery fell as low as $95.95 in morning trading. In addition to a battered economy forcing people to drive less, supplies have been boosted by the normalizing of Gulf Coast energy operations after shutdowns caused by a crippling hurricane season. Many experts believe that demand will remain relatively weak for the time being.
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