This piece over at Tech Central Station goes a long way towards putting the gas situation into a rational perspective. Taking note of the plethora of MSM moaning and bloviation about the price of gasoline, it is noted that
…what’s more interesting about these stories is what they don’t tell you. For example, AP reports that “surveys indicate drivers won’t be easing off on their mileage, using even more gas than a year ago.” Now why is that? If prices are rising, one would expect consumers would use less. The answer might be in some of the long-term trends that the short-term media lens is too cramped to see. While energy prices may be rising, energy itself is much less important to consumers and to the overall economy than it once was.
According to the Bureau of Economic Affairs, American consumer spending on energy as a fraction of total personal consumption has declined considerably since 1980. Whereas 25 years ago, one in every ten consumer dollars was spent on energy, today it’s one in every sixteen bucks. In other words, what it takes to heat and cool our homes and drive to and from our jobs and vacation destinations is relatively less costly than it once was.(Emphasis added.)
The inevitable result of this is extremely counterintuitive to the conventional wisdom:
This goes a long way to explaining why even while gas prices rise this summer, and while they will be higher than they were through the 1990s, people will still be driving more — it’s much more of a value than it was a generation ago.
The Chief and Mrs. Chief are planning a nice long road trip this summer, from the Dakota plains to the exotic realm the People’s Republic of Taxachusetts Massachusetts. While the proballe price per gallon is NOT fun to contemplate, even on teacher’s pay automotive travel is still very affordable, so there is personal truth to the above observations.
This is a good thing – I like to drive!