Just recently, oil prices have reached a new high for 2009. With the raise in oil prices, the general thought is that new means of transportation needs to be found; whether its a bus, a shuttle, biking, or walking. The growing rate of unemployment and job cuts is yet one more factor contributing to the "severe drop-off in miles driven by Americans". With less money in their bank accounts, Americans are finding ways to save. One of those ways is by finding alternative transportation. This last February, it was shown that Americans had driven 3.1% less than this same time last year. Currently, oil is still being produced meaning that supply is still up, however, the demand for oil is way down with the current economic crisis. So if people are driving less, then why are we faced with the prices going up? Well, the supply of oil will soon start going down, as OPEC "squeezes global oil supplies, trimming 4.2 million barrels per day". As the supply of oil decreases, the price of oil will go up. As for now I'd bust out your bike because, ""I think we'll see higher oil prices for a while," said Michael Lynch, president of Strategic Energy & Economic Research."-SC
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