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Exactly. That is what economists call the "inelasticity" of gasoline. Normally products are "elastic" meaning when prices rise demand will fall. Not so much with gasoline. Studies consistently show that gasoline consumption is highly resistant to price hikes. Even where alternative strategies like carpooling, biking instead of driving, taking transit, and similar behavioral changes are available, drivers tend to still commute alone despite rising costs. One study I read (some years ago) found that the average Italian actually reduced the amount of food they purchased in order to continue paying for their driving lifestyle, and thinking about that inelasticity is what prompted me to do this poll. Similarly, a more recent study in behalf of the "Green New Deal" found that widespread consumer demand for electric vehicles would only happen after gasoline reached $13 per gallon, an indicator of just how high the gasoline tipping point is.The cost of needed items is the cost that one needs to pay.
I need gas to get to work...I need to work in order to pay for food.
So I really don't have a 'tipping point."
People voted for more pain, so they can get to see how much pain they want.Here we go again, just in time for vacation season. We could staycation and save some dough.
Oil prices notch biggest gain in nearly a year after OPEC's surprise output cut
Oil prices soared as much as 8% on the open after OPEC+ announced it was slashing output by 1.16 million barrels per day.www.cnbc.com
And it looks like refilling the SPR is going to get more expensive or have to be put on hold for a while.People voted for more pain, so they can get to see how much pain they want.
While making car payments.
$1,000/month now.While making car payments.
Three automobiles. Zero car payments. The only debt I have is my mortgage.While making car payments.
Strategic Petroleum ReserveRemember this? Remember what preceded this meeting? Look at the facial expression of the Saudi Crown Prince.... He's looking at a brain dead American career politician and has absolutely no respect for him.
The Saudis will soon drop the dollar.
View attachment 1396615
Who needs oil when you can just bottle up unicorn farts?Strategic Petroleum Reserve
2019 - 649 million barrels
Today - 371 million barrels
Has not been this low since 1982