Fuels Conservation

Over the last several weeks, I have been thinking about
easy ways to conserve on fuel use without making any
substantial $ investment. And, as I thought about it,
I realized there were indeed a number of ways to cut down
on both gasoline and heating expenditure without greatly
crimping lifestyle. I have been doing so with the car
as have the wife and kids with theirs.

I bring it up because I suspect that many in the US, Canada
and Europe are thinking similarly. What is interesting,
I believe, is that fuels demand may still be quite a bit more
elastic than many of the fuel demand models and projections
I see. I do not think it is that difficult to knock 2% off
my demand or that of most others. Globally, that would restore
about 1.6 mil. bls a day to supply, a sizable increment.

I suspect it may be worthwhile to begin to incorporate
allowances for conservation into one's thinking about oil
and gas, because I doubt the price channels for both that
have been in place for the past year or two reflect it.