So they want me and all my friends to use less gasoline huh? They must tell me why we should. Do they think our driving less is going to save the planet? They should think again.

I have an alternate scenario for them, but it involves economic development and intelligent use of resources. Do I have your attention yet? If so, just read a little farther.

First, it's common knowledge that we can fuel internal combustion engines with fuels derived from sources other than petroleum. We certainly don't have to burn the food supply to do it either. Ethanol and methane for use in powering electrical generation and transportation can be created from wood scrap, trash, brush, algae and sewage. Wind, water, sun, they're all right at hand. I don't need them to give me those stories about "not economically feasible." Make it economically feasible you slackers or just admit that you're open-mouthed quacks, naysayers and charlatans lacking ingenuity and drive.

And just to carry this rant a little further, let me tell you about just a couple petroleum-based products which we could manufacture using base materials other than oil. This might be tough though, there's only about 6,000 of them. You see, only about one half of every 42 gallon barrel of oil goes into gasoline production. The rest is used for manufacturing purposes. Did the anti-gasoline fascists neglect to tell you that?

Bloomberg reports this morning that the International Energy Agency cut its global demand forecast for 2008 and oil prices took a tumble for a second day. Oil reached its highest intraday price since 1983 of $98.62 on Nov. 7. In early trading this morning, the price on crude oil contracts for delivery in December dropped to $93.80 as of 9:37 AM London time. In after hours trading, the crude oil price dropped to $93.32.

U.S. gasoline demand has leveled off at around 9.4 million barrels a day for the past three months, according to data from the Department of Energy. The slowing U.S. economy will likely reduce growth in consumption, Anthony Nunan, assistant general manager for risk management at Mitsubushi Corp. told Bloomberg. He said, "That's going to be the sign, if we see a faltering in U.S. demand. Most of the damage from the subprime has been in the financial institutions but we'll start to see a toll on the average citizen and once we see that it will spill over into consumer spending." The U.S. Energy Department will release its weekly report in Washington tomorrow.

OPEC's summit on Nov. 17 and 18 will focus on the security of oil supply, and no decision is expected on output. Production will be discussed at a Dec. 5 ministerial-level meeting in Abu Dhabi, the United Arab Emirates. David Moore, a commodity strategist at Commonwealth Bank of Australia, told Bloomberg, "It looks as if OPEC will at least consider increasing oil production at the December OPEC conference. That's pulling oil prices lower."

Let's hope he's right and we never see a $100 per barrel price level.

Lita Epstein has written more than 20 books including the "Complete Idiot's Guide to the Politics of Oil."

Newmont Mining (NYSE: NEM) implied volatility elevated as Gold above $718.

NEM, the world's largest non-hedged gold producer, closed at $45.16. Gold is at $718.80 according to Bloomberg. NEM overall option implied volatility of 34 is above its 26-week average of 29 according to Track Data, suggesting larger price risks.

PetroChina (NYSE: PTR) volatility elevated at 38 as Warren Buffett reduces stake.

PTR, a Peoples Republic of China run petroleum and natural gas company, closed at $145.05. Dow Jones reported that Warren Buffett's Berkshire Hathaway reduced its stake in PTR to 9.72% from 10.16%. WTI Crude oil futures are down 0.03% a $78.21 a barrel according to Bloomberg. PTR overall option implied volatility of 38 is above its 26-week average option implied volatility of 30 according to Track Data, suggesting larger price risk.

Volatility Index S&P 500 Options-VIX at 25.27; 10-day moving average is 24.87.

Daily options Update is provided by Stock Specialist Paul Foster of theflyonthewall.com