Posted on 02/10/2012 10:49:46 AM PST by VA Voter
Demand elasticity is an interesting topic. I think it is 90% when you factor in trucking use and so on - in the short run.
In the long run, it is surely more elastic as people have time to cancel vacations and soccer leagues and join car pools and change habits and so on. People want normally cancel an already scheduled vacation or activity when gas goes up, but they can damned sure not plan it for the next year.
What we may be seeing is the result of 3-4 years of folks slowly reconfiguring their lives to drive less.
even more data and possible analysis:
http://www.zerohedge.com/news/guest-post-why-gasoline-consumption-tanking
Yes, my 11% was accounting for everyone over and above the more often published 8%-9%. There is always some unemployment, albeit not this high.
Interesting.
Every one of those monthly figures show a decline since 2006.
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