Oil Prices Slip To Lowest Level In Almost Two Years

The New York Times is reporting that oil prices as of Tuesday have fallen to their lowest level in 20 months, despite efforts by the OPEC cartel to stem the slide, as weak economic growth continues to reduce demand around the world.

While lower energy prices are providing some welcome relief for struggling consumers, a 59 percent decline in oil prices since their summer peak also shows how radically the prospects of the global economy have darkened in recent months. At an emergency meeting last month, members of the Organization of the Petroleum Exporting Countries agreed to reduce their output, as of Nov. 1, to slow the price slide. MORE>>

My neighbors, friends, family and I have all changed our driving habits significantly since gas prices peaked at around $4.65/gallon this past Summer in the Inland area. I try as often as possible to do my shopping on the way home from work and use my bicycle for short trips to the grocery store in between. How have your driving habits changed since gas prices set records in July? Have you resorted to your old gas-guzzling ways again now that a gallon of gas goes for about $2.50?

image: Kim Raff/The News & Advance, Lynchburg, VA, via AP