Why Americans refuse to pay more for oil

Bullion values turned lower once again following yesterday's GDP-related and mostly technical bounce. Overnight trading brought prices down to a low of near $906 per ounce, as the US dollar picked up a few notches on the index (@ 73.30) as well against the euro which fell after BMW abandoned sales and profit forecasts due to slumping US sales.Oil gave up nearly one dollar and traded near $123 per barrel as news that Chinese manufacturing showed signs of slowing hit the wires. Copper, zinc and aluminium futures all lost ground on the Shanghai Exchange today. Not helping matters for black gold were yesterday's US GDP figures for Q4 2007 and this morning's $15 billion Q2 2008 loss reported by GM. Demand destruction continues from the assembly line to the gas pump. for details http://www.commodityonline.com/ndtv/news/topstorydetails.php?id=10842visithttp://www.commodityonline.com/ndtv/news/topstorydetails.php?id=10842