Rising Oil Prices Fueling Broad Economic Disruption

May 29 2008 / by Alvis Brigis / In association with Future Blogger.net
Category: Energy   Year: General   Rating: 8 Hot

With crude oil hovering at an all-time high of $130/gallon people all over the globe are feeling the pain and starting to react in different ways.

Some are finally choosing to drive less frequently. CNN reports that “compared with March a year earlier, Americans drove an estimated 4.3 percent less—that’s 11 billion fewer miles, the DOT’s Federal Highway Administration said Monday, calling it ‘the sharpest yearly drop for any month in FHWA history.’”

Others are increasingly making the switch to higher-mileage and hybrid vehicles.

In Europe, where environmental taxes roughly double the cost of gas, groups of French and British workers are demanding public assistance by staging protests .

A few particularly pinched and pro-active folks in rural regions are shifting around their work week and travel schedule. According to the Wall Street Journal “a handful of small towns and community colleges are switching to four-day workweeks in an effort to help employees cope with the rising gasoline prices, and could soon be joined by some larger local governments.”

And of course there are the enterprising individuals who’ve decided that enough is enough and that it’s time to take drilling for oil into their own hands.

This is just the beginning. (cont.)

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