The New York Times reports that high gas prices are causing people to buy smaller cars.
Soaring gas prices have turned the steady migration by Americans to smaller cars into a stampede.In what industry analysts are calling a first, about one in five vehicles sold in the United States was a compact or subcompact car during April, based on monthly sales data released Thursday. Almost a decade ago, when sport utility vehicles were at their peak of popularity, only one in every eight vehicles sold was a small car.
Colour me amazed. But it's not too late to interrupt this alarming trend. Let's try a gas-tax holiday. (One question about that proposal, by the way, I wish somebody would put to Hillary Clinton and John McCain: if it's such a good idea, why do it just for the summer?)
Exactly! There is no need to raise fuel efficiency standards. Rising fuel costs will solve the problem for us. The 'gas-tax holiday' is assinine. If anything gas taxes should be *raised* -- to discourage driving and to reflect the true cost (to the environment)of using fossil fuels.
Cross-price elasticity of demand is a beautiful thing.
Are these industry analysts all under 30? Didn't this all happen in the 70's?
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