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Greene 11 (0:57)
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If the price of gasoline goes up
this will provoke changes but not big changes. The most recent estimates are
that a doubling in the price of gasoline would cause American motorists to
drive five to ten percent fewer miles and that's not much. Furthermore,
it would take an enormous increase in the price of oil to double the price of
gasoline. You can essentially take the price of oil and divide by forty-two to
get how much oil cost is in a gallon of gasoline. So if oil costs forty-two
dollars a barrel, there's a dollar worth of oil in a gallon of gasoline.
So to get the price of gasoline up to four or five dollars a gallon through the
price of oil, we'd have to have oil prices exceeding a hundred dollars a
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Created April 2008