Falling petrol prices having little effect on car travel

The price elasticity of petrol is estimated to be in the range of -0.02 to -0.04 in the short term, meaning it takes a 25-50% decrease in the price to raise automobile travel 1%.

US EIA

The US average retail price per gallon of regular motor gasoline has fallen 28% from its 2014 peak of $3.70 per gallon on June 23, to $2.68 per gallon on December 8.

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