alt Hacker NewsElastic demand, but not inelastic demand. And there is a material amount of inelastic demand across the economy which is keeping demand durable, regardless of interest rates and oil/diesel prices.
In the US, the economy is passing increased money and energy costs to consumers. In China and other countries, they are rapidly electrifying light and heavy vehicles. Different responses to similar economic signals.
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Muromec • today at 3:53 PM
When our dear allies fucked up with oil last time we got shorter work week and bycicle infrastructure.
So maybe elastic or inelastic isn't a binary, but somewhat closer to a step function
Well part of the problem is that while waging a war that increased oil prices, the US government has simultaneously been systematically dismantling existing projects to use and incentivise alternative energy sources.
Reducing our reliance on oil would be a very sensible response. Unfortunately, I don't think it is one our current government would consider.