An assessment by the market players that rising prices have taken their toll, reducing demand for gasoline and other fuels, oil prices have dropped by over three dollars, dipping to below US$129 a barrel. This is oil's biggest one-day decline since March 31. Start of the summer driving season in USA, launched with the just-ended Memorial Day weekend, is predicted to be jaded. Why is demand from the United States so important? USA is the world's largest energy consumer, and fluctuations in demand there can have a huge impact on international oil prices. As, as mass transport systems lack in most cities, the Americans are dependent on their cars even for the basics such as reaching place of work, shopping, etc, their consumption of gasoline is closely watched.
28-May-08 
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