by reggieUK » Sat 21 May 2005, 03:08:59
$this->bbcode_second_pass_quote('reggieUK', 'W')ill peak oil/higher oil prices limit car use
The immediate response would probably be Yes, Dickhead!
But it might not be true.
Tom
Well it proves that it isn't!
Call me Nostra why don't you?
from
http://news.ft.com/cms/s/9aa967b0-c918- ... 511c8.html
is
High petrol prices have not deterred the enthusiasm for one of the favourite pastimes in the US: driving. AAA, the US motoring and travel group, predicts record numbers of people and vehicles will take to the road over the holiday weekend.
Increased demand has been a significant factor behind the 40 per cent rise in US unleaded gasoline futures on the New York Mercantile Exchange this year. July Nymex unleaded gasoline futures were trading at $1.4470 a gallon on Friday, up more than 1 cent on the day but down from the record peak of $1.7491 on April 4.
The magnitude of the price rise this year follows a similar pattern in 2004, which was followed by a fall in gasoline futures last summer as fears about tight supplies were found to be overdone.
A similar fate appears to be in store this summer. US petrol inventories are almost 6 per cent higher than a year ago, while US petrol consumption growth is averaging less than 1 per cent.
Frédéric Lasserre, head of commodities research at Société Générale in Paris, said forecasts of the US economy slowing had also trimmed US petrol consumption rates, which in turn left a high inventory-to-consumption ratio.
“I think we have probably seen the peaks in the gasoline market for now, although we will probably see some spikes in the price towards the end of the driving season in September, when stocks are generally low,” said Mr Lasserre.