We are all driving less. It cost me about $15 to fill up my Honda in 2001. Today, my Mazda CX-7 takes about $50-60 to top off the tank. I know, I shouldn’t drive an SUV. But it was cheaper to lease a gas guzzler.
Sharply falling demand has caused gas prices to fall. There are more fuel efficient cars on the road and people are driving less.
But I wouldn’t count on this situation lasting. America is not the only nation on Earth lusting after the automobile. China and India are fast catching up.
We are going to pay more for gas in the coming years, even if we get a temporary price break.