FROM MSN: It turns out that we wouldn't have to cut consumption by 40 percent or 30 percent or even 20 percent to send pump prices lower. Try 7 percent.
That's how much demand fell off last winter. After peaking at 9.7 million barrels in the week of Aug. 4, 2006, U.S. gasoline demand hit a low of 9.0 million barrels during the week of Jan. 19, 2007 — a difference of 7 percent. During the same period, the average U.S. price peaked at $3.083 in August and fell to $2.213 by the end of January — a drop of 28 percent.