I am sure gassing up your vehicle these days is not the funnest and most enjoyable thing to do and everyone nearly faints when they see the end total, but sadly there is nothing we can do about it. If we want to go somewhere using a vehicle we need to put gas in it.. no if, ands, or buts about it. If someone is working or going to school out of town they have no other choice. This is why gas is viewed as inelastic meaning when prices change, there is relatively little change in the quantity demanded. People still need to get from point A to point B no matter how much the cost.
If gas prices continue to rise you may see people with the big trucks and other gas guzzlers settle for smaller more fuel-efficient vehicles. This, in turn, will effect car dealerships that depend on sales of their trucks and SUVs.
Although these high gas prices are ridiculous, there are some ways you can lessen the cost. For example car pool to work or take a bus if possible.
Good example....Time is an important aspect when measuring elasticity - over time everything has elastic demand. As long as prices keep going up/stay high, we will eventually see less large vehicles and more car pooling and the like - demand will eventually become more elastic.
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