The Biden administration says it's releasing 1 million barrels of gasoline from a Northeast reserve established after Superstorm Sandy in a bid to lower prices at the pump this summer.
People don’t start joy riding like mad when the price goes down. The continue to just go to work, to the store, and all the normal stuff. Maybe a couple people road trip more when gas hits $2, but not a significant number.
Is not though.
https://www.eia.gov/todayinenergy/detail.php?id=19191#:~:text=The price elasticity of motor,to raise automobile travel 1%25.
People don’t start joy riding like mad when the price goes down. The continue to just go to work, to the store, and all the normal stuff. Maybe a couple people road trip more when gas hits $2, but not a significant number.
People may actually drive more when gas prices go up. They might drive instead of flying to a vacation to save money.