Makes sense. We import less oil. For example. about 8% of the oil consumed by the UK is imported from Russia. We import 3.5%. This is the market repricing panicking.
Now that I think about it, it would be interesting (if someone wants to go through the trouble) of seeing what gas prices did when Iraq invaded Kuwait (and adjust for inflation).
Now that I think about it, it would be interesting (if someone wants to go through the trouble) of seeing what gas prices did when Iraq invaded Kuwait (and adjust for inflation).
According to a tracker the news has up the gas station I normally go to is $3.79 as of 6am this morning. I filled up at that same gas station for $2.94 around 2 weeks ago.
I don’t think any reasonable person would be happy about paying more for gas. On the same side, I don’t know anyone who is changing their driving habits.
Driving isn’t a hobby. It’s something I do to get to work and places I actually want to go. I’m not sitting at home on my time off just because I want to save some money on gas. Now if you’re working minimum wage then I would totally get it.
I don’t think any reasonable person would be happy about paying more for gas. On the same side, I don’t know anyone who is changing their driving habits.
Driving isn’t a hobby. It’s something I do to get to work and places I actually want to go. I’m not sitting at home on my time off just because I want to save some money on gas. Now if you’re working minimum wage then I would totally get it.
Um no. Are you claiming that high gas prices will no impact on demand? That is not what Econ 101 says. Most trips are discretionary. The traffic volumes are far higher from Friday evening to Sunday evening than they are during the workweek. The traffic starts backing up in central and southwest Washington over 100 miles from Seattle on Sunday afternoon.