Lynne Kiesling Randall Parker has a post noting that in May 2008, vehicle miles traveled in the U.S. fell 3.7% relative to May 2007. Not surprising, given that prices have risen by about, say 37% (giving us an estimated price elasticity of demand of -0.1, which is higher than normally seen, so yes, we have … More How Long Can Some Countries Continue Suppressing Gasoline Prices? … More How Long Can Some Countries Continue Suppressing Gasoline Prices?