Tuesday, oil prices dipped near $42 a barrel amid new reports the anemic global economy will lead to an even sharper falloff in energy consumption through 2009. Many people are laid off now and are not going anywhere. They don't have money for the necessities so are cutting back on gas and going places. Our local restaurant has really noticed a big decline in people bringing in their families and it is an all you can eat buffet for a good price and on Tuesdays, they get one child free for each paying adult. But still people are not coming out.
There were also indications that internal divisions continue at OPEC as member states pummeled by falling oil prices, ignore promised production cuts that might boost prices. I sure hope they don't cut production. It is so nice to get quite a bit of gas for $11 instead of $22 and I am sure the SUV's and big pickups are delighted too. We try to fill up at half a tank so it doesn't cost so much. We have really cut back on all unnecessary driving.