-0.64
The price elasticity of demand for gasoline in the long term. If the price goes up 10%, this turns into a reduction of gasoline usage by 6% over the long run. http://economics.about.com/od/priceelasticityofdemand/a/gasoline_elast.htm
When gas hit $4, people started driving fewer miles and buying more efficient cars.
Unfortunately, gas taxes do hit the poor and middle class harder.
When gas hit $4, people started driving fewer miles and buying more efficient cars.
Unfortunately, gas taxes do hit the poor and middle class harder.