Business Week: Can't Stop Guzzling
"Rising prices are supposed to curtail consumption. So why doesn't that hold true for American drivers?"
"It's something amazing to ponder as you broil in beach traffic this weekend. Gasoline keeps getting more expensive, but Americans keep buying more of it. They bought 10% more gasoline in the first half of 2006 than in the first half of 2000 even though the price at the pump rose 75%. It isn't just essential trips, either—leisure travel remains strong. Gasoline consumption during the week of the Fourth of July holiday this summer was 2% higher than a year ago."
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