Bus ridership slipped 8 percent nationally and 2 percent in Honolulu in the third quarter of last year – in part, the reasoning goes, due to job loss during the recession and lower gasoline prices compared to the same period in 2008, when the price of oil price peaked at $147 per barrel.
Oil’s price today is about $79 and seems to be bouncing along in a high-70s/low-80s range, although the one-year trend is unmistakable. A year ago today, the price was in the mid-$30s per barrel.
Few serious thinkers about energy issues doubt that oil will eventually bounce back to much higher levels than today. Quoting from today’s editorial:
That will be about half-way through construction of Honolulu rail. The Advertiser concludes:
Less reliance on imported oil will mean a better life for our grandkids all around, including their commuting life.