Speculation about higher worldwide demand for oil pushed prices higher on the first trading day of 2011. The price increase is not based on fundamentals of higher demand yet, but will be moving that direction as summer gets closer. Average price at the pump is $3.07 and estimated cost to drive a car is $7,000 annually. This does not take into account any other costs associated with heath care or lost productivity from illnesses associated with lack of exercise or obesity.
As you make your New Year resolutions, consider driving less and cycling more. Based on the annual figure, a 25% reduction in driving to school, work or daily errands would save approximately $1,750 and improve fitness, reduce stress, reduce traffic and reduce your carbon footprint.
Seems like a great trade-off. Where else can you find this type of financial return in today's market?
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