The Organization of the Petroleum Exporting Countries (OPEC) concluded their 151st (Extraordinary) Meeting of the OPEC Conference today by cutting their daily output by 4.2 million barrels from September levels. Today’s announcement did little to bring oil prices anywhere near the range Saudi Arabia’s oil minister had hoped for at the beginning of the month. After the meeting, as of 11:40 a.m. EST, oil futures dropped by 7.4%, or $3.27, to $40.35 a barrel.

The over-$100 decline in oil prices since July forced OPEC to call two additional meetings in order to develop a production strategy that would return the price of crude back to a “fair” price. We reported at the beginning of the month that “Saudi Arabia’s Oil Minister Ali al-Naimi said $75 a barrel was a sufficient and fair target for oil prices that would keep global oil projects and production on time and efficient.”

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Americans drove 12.2 billion fewer miles in June of this year compared to last, marking the eighth-straight monthly decline in vehicle miles driven. High gas prices have forced Americans to alter their driving habits, as well as purchase more fuel-efficient vehicles to save money. As we reported last month, US Transportation Secretary Mary E. Peters and US law makers are currently undertaking new strategies to overhaul the nation’s transportation investment strategy. As drivers fill up less often, the national gas tax is bringing in less money for the Federal Highway Trust Fund, which is responsible for funding the construction and repairs of roads, bridges, and public transportation systems.

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