4 ms·
No one stopped buying gas at $4 a gallon but they did stop spending money elsewhere to make up for it.
by sosuke 11y ago
No one stopped buying gas at $4 a gallon but they did stop spending money elsewhere to make up for it.
- raldi 11y agoThat's not true! I specifically remember reading, back when gas broke $4 a gallon, that we had finally discovered the price at which drivers change their habits. Below $4, rising prices just made them complain. But above that price, we started seeing statistically-significant changes in demand.
- sosuke 11y agoI think you're right there is a tipping point. I do feel that there is a flex point where drivers change recreational driving but they will still need to get to work and the grocery store. They won't go on fun trips though.
- Sanddancer 11y agoVehicle miles driven went down during that time period. Additionally, there was an increase in the sale of more efficient vehicles, so people indeed did buy less gas.
- douche 11y agoYou know what was awesome about $4 gasoline? $3.75 heating oil.
- qrendel 11y agoIt will definitely strongly affect the type of car I buy next when I'm done running the current one into the ground.