How Do Soaring Gas Prices Affect Us?
Knowing that personal and commercial driving decisions affect the GDP, we care about gas prices. In addition, planning for the future, people who range from refiners to policymakers need to know when we will drive less or more. It all relates to our elasticity. Gasoline Prices. Economists used to think that in the short run (before having time to adjust), we responded minimally to a change in gasoline prices. After all, we have to commute to work and take the kids to their activities. However, a 2020 paper from the Dallas Fed disagreed. First, they looked at the price of gas. ….[READ]
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