Gas consumption by US consumers is at an 11 year low, according to a number of media. This has not helped keep down gas prices, as forces outside the US like a potential blockade of the Strait of Hormuz has pushed prices of oil up. And, there are other things which could drive oil up. Supply globally is at very low levels. There is not guarantee that OPEC can replace oil from Iran if a sanction standoff over nuclear weapons manufacture in the country is not settled.
The national average price for a gallon of unleaded as of Wednesday was $3.579, some 40 cents more than this time last year, according to AAA, the automobile association. The current price is 53.5 cents shy of the record, and the peak driving months, with their increased demand, are still ahead.
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