Want To Save Gas? Institue A 4-Day Work Week!

June 12, 2008 12:42 PM EDT

Employers are trying to cut costs for employees who are now spending $50-$80 each time they fill-up their gas tanks. Oakland County, Michigan just approved a proposal for a four-day week that will begin as early as next week. County Executive L. Brooks Patterson proposed the idea last month as a way for county employees to cut their commuting costs by 20%.

Under the plan, employees can volunteer to work four, 10-hour days instead of the traditional five, eight-hour days. By commuting one less day each week, the employee can save 20% on gas, which now tops $4 a gallon.

Oakland County has 4,000 employees, and L. Brooks expects to see between 1,000 and 1,500 employees take advantage of the program.

Hopefully, this concept of driving less and not using as much gas will lower gas prices over the short and long-term. Demand for gas needs to lessen to increase the crude supply.

Companies like Exxon Mobil Corporation (NYSE: XOM) and Chevron Corporation (NYSE: CVX) have been making record profits in this high oil price environment. In fact, the USO (United States Oil Fund) (AMEX: USO) ETF has risen over 25% over the past 3 months. Another ETF to watch is the Energy Select Sector Fund (AMEX: XLE).

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