How do we help our country lower gas prices?
It’s true, a drastic reduction in demand would bring down gas prices. However, people need transportation. Our economy could not go without it for long. Gas companies can bank on that. Gas is an inelastic product, which simply means that on average, people will continue to by it in some amount regardless of the price. If my locale gas station raised the price 20 cents a gallon (happened over last week), I will still buy gas there. Its not that I’m made of money, (Ramon noodles anyone?), Its that i need it to operate. The only long term way to lower gas is to lower demand through higher fuel efficiency standards for vehicles and expanding the use of alternative fuels for transport. Thats it; thats the only way.
