By Joel Greenberg
Gas prices have dropped to under $2/gal at some gas stations around the country. “It feels like the 1970’s, with people waiting in line for gas,” one observer says as she waited to fill up at almost half the price of what she was paying earlier in the year. But unlike the ‘70’s (or two months ago) there now seems to be plenty of supply.
The simplest answer appears to be the low demand as a result of the slow down in the economy worldwide, according to the federal Energy Information Administration.
As Amory Lovins points out, we can lower our demand faster than Saudi Arabia can lower their production, although his idea is to lower demand with more efficient vehicles, not via a global economic slowdown.
Why is this important to the Future of Energy?