When the price of crude oil reached record highs in July 2008, everybody was searching for ways to reduce their car’s gas mileage.
A few months later however, due to the banking crisis and the global economic meltdown oil prices have plunged again.
The Energy Information Administration predicts that the worldwide demand will sink in 2009. Consumption of oil is still showing a downward trend but analysts predict that the supply of oil will also fall in the coming years
Most major oil companies have reduced their budgets for exploration. As always in economy, when the demand gets higher than the supply, the prices will rise. In this case, the fall in supply could be quicker than the slowing of oil consumption.
It is quite easy to see what this will mean at the pump. The price you pay to fuel your car will start rising again. Especially since oil is traded in dollars and the US currency is still very weak.
Of course the last few years we have all tried to become more energy efficient. Not only when driving our cars but also around the house.
A high oil price and regulations to help counter climate change stimulate the search for alternatives. Most car manufacturers have started developing electric cars. Weakest point here is finding long-lasting batteries.
Ever since the time of Thomas Edison, people have experimented with electric cars. Battery technology has unfortunately always evolved very slowly. The latest lithium-ion batteries are lighter and smaller and can be recharged many times. This should help in reducing the cost of electric cars.
Still it will take a while before gasoline or diesel can be replaced. Battery powered cars are still very limited in the distance they can cover. The short range and the time it takes to recharge the batteries makes them more suitable for city driving.
So even in the coming years it will be important to optimize internal combustion engines for cars and to develop conservative driving habits. Improving the gas mileage of your car will continue to help you save a lot of money.
AUTOPOST by BEDEWY VISIT GAHZLY
