'Your papers, please' must never be heard in America
Gasoline prices this summer will be the lowest in three years as people drive less and use more fuel-efficient cars, the U.S. Energy Information Administration is predicting.
China appears to be at a tipping point where surging domestic auto sales will soon drive it past the U.S. and turn it into the world's biggest oil importer, taking a title that distinguished -- and some might say hobbled -- the U.S. for decades.
International oil prices sank Monday, amid hopes that exports from Libya could pick back up in coming months, but it might be some time before the United States sees a significant drop in cost.
About the only thing putting pressure on prices these days is increased demand for fuel in China, administrator Adam Sieminski said.
