Friday, May 23, 2008

hey look, markets work. even for oil

in the US, people are driving 4.3% less than they did this time last year.

combine this with the trend toward more efficient vehicles and you have declining domestic consumption of fuel.

imagine how much better prepared we would have been for fuel price problems if we had implemented a real fuel tax a decade or two ago. people would already have efficient cars instead of silly trucks, so we wouldn't be going through transitional problems right now.

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