There are milestones you don’t forget too quickly. When it comes to driving, I still remember opening my wallet, with gas prices $4.19 at the time, to pump each gallon into my car back in Pittsburgh, Penn. That was July 2008, and it happened right as housing bubbles burst, stock markets nosedived, businesses folded up, and car sales plummeted.
As the major commodity that keeps the U.S. moving, gasoline prices play a huge role in food prices, discretionary income, and other general costs of living. It’s inelastic, that is, to a certain extent we’re going to keep driving because we have to.
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