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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: Crimson Ghost who wrote (65571)5/16/2007 5:09:05 PM
From: benwood  Read Replies (2) of 116555
 
In the 70s, we had some nasty recessions partly caused by the high gas prices.

This time, though, years of low fuel prices have led to vast commutes and lifestyle choices (e.g. SUVs, obsession on horsepower) and amazing tolerance to sit in one's one car in heavy traffic day after day have lead to a rise in miles driven per capita from about 6000 (oil embargo years) to close to 10000 today, a rise of about 65%. Plug that into the equation and I'd say the chances are we are paying significantly more real $$$ for gas than ever before.

In that Seattle Times article, they mentioned that passenger car sales were down 12% but SUV sales were down only 3%. Clearly, there isn't much real pain yet.
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