Soaring Gas Prices Will Not Reduce Demand

So the price of gasoline is projected to hit $4 a gallon this summer. That's it, Americans will park the Family Truckster and refuse to drive to Disneyland at $4 a gallon, right? Wrong, says a fuel economy specialist at the Department of Energy. "We see a very inelastic response of driving and fuel demand in the short run due to higher gas prices," he said. Have a nice trip, but bring your credit card. Read more...