Oil Price Falls, Americans Drive Less

Crude oil fell this morning by more than $2 a barrel on decreasing demand due to a slowing economy and record energy prices, Bloomberg News reported. The crude oil futures were $130.12 at 11:24 a.m. EDT, down nearly $5 from the May 22 high of $135.09.

Over Memorial Day weekend, the national average price for a gallon of regular gas was $3.936, up from $3.23 last year, according to AAA.

In other news, the U.S. Department of Transportation released figures from March that show the steepest decline in driving since 1942. Americans drove 11 billion fewer miles than a year earlier. Or 4.3 percent less.

Tell us how your driving habits have changed.

Published: May 27, 2008