Higher oil prices biting (In the US)

Submitted: Wednesday, Jun 11, 2008 at 12:21
ThreadID: 58633 Views:1631 Replies:5 FollowUps:2
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I read an interesting report recently that looked at the impact rising oil prices has had on the consumers in America.

One interesting piece of information was miles driven. The US Department of Transportation keeps statistics on miles driven and over the 25-year history of this data series, miles driven has increased. In 2007 miles driven fell for the first time in the 25-year history of the survey.

Recent information shows that SUV sales have plunged over the past few months, falling something like 24% year-on-year. Whilst bigger vehicles are not going away their resale price is being recapitalised lower to reflect higher fuel prices.

I suspect we will see the same trend develop here, and in fact it has been reported that traffic on the roads during the long week-end just passed was less than ‘normal’.
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Reply By: bockstar1 - Wednesday, Jun 11, 2008 at 12:51

Wednesday, Jun 11, 2008 at 12:51
The US is feeling the double whammy of increased oil per barrel prices as well as a weakening dollar (increasing cost of imports).

We're relatively lucky at the moment. If the AUD was at around 60c to the USD (as it was 2-3 years ago), prices at the bowser would be well over the $2.00 per litre mark.

Things aint looking good....



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Reply By: Mr Pointyhead - Wednesday, Jun 11, 2008 at 13:46

Wednesday, Jun 11, 2008 at 13:46
I was up in the Victorian High Country over the Queens birthday weekend, and most of the campsites I went past like Sheepyard flat and Pineapple flat where very quiet.

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Follow Up By: Louie the fly - Wednesday, Jun 11, 2008 at 17:26

Wednesday, Jun 11, 2008 at 17:26
Interesting you say the campsites were quiet. The latest car sale figures showed that passenger car sales were down, particularly large family sedans, but 4WD sales were up from previous. Where are all the 4WD's - or are there just more Toorak Tractors on the road (you know, the chicks in the Ford Territory ad).


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Reply By: Peter 2 - Wednesday, Jun 11, 2008 at 18:18

Wednesday, Jun 11, 2008 at 18:18
For about the last month or so the traffic here in Sydney from the north shore into the city has been much lighter than for the last 12 months.
This last weekend the traffic north on the friday and sunday nights was less than a normal weekend so the higher fuel costs are sending people back to public transport and also cutting excursions on the weekends.
Peter
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Reply By: Member -Signman - Thursday, Jun 12, 2008 at 08:26

Thursday, Jun 12, 2008 at 08:26
Geez mate- you must have nightmares when the price of oil goes up 10c/barrel...

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Follow Up By: The Landy - Thursday, Jun 12, 2008 at 08:43

Thursday, Jun 12, 2008 at 08:43
Not at all Signman, but I find the topic interesting... I see you are still reading them. Are you interested in the articles or just stalking me :)

Enjoy your day.
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Reply By: The Landy - Thursday, Jun 12, 2008 at 08:42

Thursday, Jun 12, 2008 at 08:42
Not at all Signman, but I find the topic interesting... I see you are still reading them. Are you interested in the articles or just stalking me :)

Enjoy your day.
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