Has anyone studied how behaviors shift when gas prices go up rapidly?
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You can look at the Obama years for a good case study, but my guess is it doesn't change behavior that much for most people. The pandemic was probably 15x more disruptive.
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The truth is gas has always been a modest fraction of monthly budgets. Americans are getting ripped to shreds by real estate and healthcare costs, not gas prices.
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Anecdotally, I can confidently say that one of the chief responses in the US is to blame it on the sitting president.
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We know a bit about price gouging during shortages, and there is also this:
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I’m always curious why the media doesn’t actually explain it properly and just observe the drama.








