26 May '11, 7pm

Environmental Economics: Memorial Day gas demand: From the blog formerly known as Green, Inc: Are you going away...

Are you going away this Memorial Day weekend, and how far are you going to drive? A lot of economists would like to know. The answers, when gathered for the entire population, will tell them a lot about where the nation’s economy is going. ... MasterCard Spending Plus has offered some interesting historical perspective, correlating Memorial Day and summer driving habits with the broader economy. Take the 2007 Memorial Day weekend, for example. With a robust economy, Americans pumped nearly 37 million barrels of gasoline over that three-day weekend as prices at the pump averaged $3.20. Only a year later, with recessionary clouds looming and prices at the pump 69 cents a gallon higher, Americans pumped 6 percent less gas. For the 2008 summer as a whole, gasoline consumption was down more than 4 percent -– a clear sign of a slowing economy and “demand destruction” caused by h...

Full article: http://www.env-econ.net/2011/05/memorial-day-gas-demand.html

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