Everybody is bothered by the continuous oil price increase in the world market. As a matter of fact, news about oil price hike can be seen and heard everyday. It has become a daily issue already.
Gasoline prices in West Texas Intermediate (WTI) seem to be on a rollercoaster trip upwards over the previous month. It started from $133 then it worked its way up to $135 per barrel for the first 3 weeks of May. By June 4, the price moved down to $122 per barrel until it became $138 by June 6. It is worsened by the supply doubts in numerous oil exporting regions and by the high demand of the product. In 2007, price in WTI averaged only $72 per barrel but this year, it is expected to make an average of $122 per barrel and $146 per barrel by year 2009.
In the United States, the average gasoline price is at $4 per gallon. It is projected to increase local gas prices up to $4.15 per gallon by August. Because of the continuing price hikes on oil products and the declining economic growth, US burning up of gasoline and petroleum products is expected to have a decrease of 290, 000 bbl/d this year.
United States of America, though considered to be one of the richest and most powerful countries in the world is undeniably caught in the crisis on oil products. This proves more the theory that if we do not act right away on the necessary changes regarding energy consumption, it just might be too late for all of us.
Thankfully in this crisis, There is a system in place that can lower your need for gas in your vehicle. It can at least give a 25% minimum in better mpg. So that will help alot and you wont have to ask will gas prices ever go down. Current gas prices will not be an issue anymore and you wont have to worry about trading in your truck or suv.
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