Coping with $100.01 Oil
Posted by T.W. Hanson - Feb 19th, 2008 at 21:02
Today, crude oil prices closed above $100 a barrel for the first time ever. Increasing global demand, a debauched U.S. currency, hostilities between ExxonMobil and Venezuela and a refinery explosion are some of the macro and micro factors driving the current price appreciation. The short term catalysts will likely dissipate, but factors like Chinese and Indian demand will not. To help cope with higher fuel prices most effectively, manage your life in the most fuel efficient manner possible.
- Fill up your gas tanks soon. $100.01 dollar crude oil will translate into higher gasoline prices in the weeks ahead. As you know, gasoline is a refined product of crude so increases in gasoline prices will lag until existing inventories are replaced.
- Keep your car parked as much as possible. Be efficient with your grocery shopping. Don’t make 12 driving trips to Trader Joe’s every week.
- If you’re in the market for a car, choose a more fuel efficient vehicle. It may be tempting to trade up to the 6 cylinder engine, but 4 is likely more than enough to get through life.
- Take public transportation or car pool. Save money, save fuel, save the environment and listen to people serving up their life stories to complete strangers.
- If you are in the market for a new apartment or home, choose to live close to convenient public transportation. It takes me the same amount of time to drive to work as it does to take the bus that stops right across the street. An added benefit is that I can make it through a few sections of the paper on the way into town, a dangerous task when driving.
- Inflate your tires to their proper level. Little things like maintaining your automobile and its parts can reduce fuel consumption and save you money.
If you don’t believe me, consult a higher authority.
February 19, 2008 | In economics, personal finance, uncategorized, vicenarian |
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