Demand for gasoline in the U.S. is dropping as prices rise and the government mandates the manufacture of more fuel efficient vehicles, experts say.
Though the initial decrease in gasoline demand in recent years may be partially attributable to the recession, experts believe the trend will continue, according to The Associated Press. Growing economies in Asia and the Middle East have driven up global gas demand, leaving American drivers to face a higher world price of oil. They have responded by cutting back consumption and increasing their demand for fuel efficient vehicles.
The federal government has responded to greater environmental awareness on the part of the public by mandating minimum fuel efficiency standards for new cars produced after 2012, and has invested substantial funds in developing highly fuel efficient electric cars.
With fuel efficienct vehicles becoming more common and gas prices forecast to remain relatively high, drivers may want to use a car loan payment calculator to determine how much they can afford to spend, and then obtain an online car loan to finance the purchase of a more fuel efficient vehicle.