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To: benwood who wrote (65567)5/16/2007 2:43:38 PM
From: Crimson Ghost  Read Replies (2) | Respond to of 116555
 
Actually gasoline prices are no higher in real terms than they were in the late 1970s early 1980s.

The demand for necessities and near necessities is quite inelastic but demand will will fall if prices rise high enough. How about $4 or $5 a gallon?