Wednesday, May 07, 2008

That's When Things Begin To Change

I've long been skeptical that even fairly substantial increases in gas prices would have a big impact on behavior and policy. $3.75 gas sucks, and gas is a big enough part of required expenditures for some people that it can cause economic pain, but I don't see that price level, or even $5-6/gallon, really shifting things. But $7.50? Yeah, things would start to change.