As with total travel activity, the recent decline in car and light truck use is difficult to attribute solely to higher fuel prices, as it is far in excess of what recent estimates of fuel price elasticities would suggest. For example, Hughes et al. (2006) estimate the short-run fuel price elasticity in the U.S. to range from -0.034 to -0.077, which corresponds to a reduction in fuel consumption by just over 1% in response to the 15% increase in gasoline prices between 2007 and 2008. In reality, per capita energy use for light-duty vehicles fell by 4.3% over this period.Further interesting insights from John Herman at SmartPlanet.
…[in these countries transportation sector] the major factor behind increasing energy use and CO2 emissions since the 1970s – activity – has ceased its rise, at least for the time being. Should this plateau continue, it is possible that accelerated decline in the energy intensity of car travel, some shifts back to rail and bus modes, and at least somewhat less carbon per unit of energy might leave absolute levels of emissions in 2020 or 2030 lower than today.
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