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Oil price keeps US cars off road
10.07.08
The surging oil price has driven down petrol used by US motorists to a five-year low.
With average petrol prices of $4.10 (£2.07) a gallon this week, government data shows drivers stayed off the roads, even over the Fourth of July weekend, traditionally a time when Americans take to their cars.
Petrol consumption has dropped 3.3% in the past week from this time last year to 9.347 million barrels a day, according to the Federal Energy Information Administration.
That is the least drivers have used since 2003, when consumption was 9.05 million barrels a day.
Oil prices are on the rise again today after Iran's missile test reversed declines earlier this week.
New York's main contract, August light sweet crude, rose 63 cents to $136.68 a barrel after closing at $136.05 in the previous session.
August Brent gained 51 cents to $137.09 after a 15 cent rise to $136.58 in London yesterday.
Prices have soared since the start of the year, but are down about $10 from record peaks near $147 last week.
