$4 is where people finally change their driving behaviors
From November to April, U.S. drivers have cut back 30 billion miles compared with the previous year. This year alone, driving has declined by 20 billion miles.
"We're burning less fuel as energy costs change driving patterns," Secretary of Transportation Mary Peters said in a statement.
I've been wondering how high gas prices would have to go before Americans started changing their behaviors.
This high!
Now all 3 American car makers (and their suppliers) are sliding toward bankruptcy, as are nearly all of the US-based air carriers. FedEx reported a quarterly loss. Even profit-happy Exxon is closing hundreds of gasoline stations because of reduced demand.
But if this is really Peak Oil it is going to fuck with my econ forecasts. Just as I started getting really good at it! Without Peak Oil, this recession would be over by September. With Peak Oil, who knows? Back to square one.
"We're burning less fuel as energy costs change driving patterns," Secretary of Transportation Mary Peters said in a statement.
I've been wondering how high gas prices would have to go before Americans started changing their behaviors.
This high!
Now all 3 American car makers (and their suppliers) are sliding toward bankruptcy, as are nearly all of the US-based air carriers. FedEx reported a quarterly loss. Even profit-happy Exxon is closing hundreds of gasoline stations because of reduced demand.
But if this is really Peak Oil it is going to fuck with my econ forecasts. Just as I started getting really good at it! Without Peak Oil, this recession would be over by September. With Peak Oil, who knows? Back to square one.