Chapter 2
"Price elasticity of gas demand" env-econ.com

This article is about the gas prices and will people stop consuming gas or still buy gas even though the prices are rising. It says the prices right now will not affect consumers buying gas at the moment because gasoline is needed. However if the gas prices go up even more from now and stay that way for a long time it will stop some consumers from buying gas. Gas prices are rising every year and people are still buying gas. Researchers say time will change the consumption of gasoline if the price stays high for serveral years. People may choose to use some subsitutes or hybrid cars to replace cars or they might decide to move or shorten how far they live from their job.

I think that they need to find subsitutes for gasoline sooner. Hybrid cars are a good idea but not everyone will buy them because of their cost. Like people would just rather spend money on gasoline as of right now because its cheaper than buying a hybrid car. Gasoline is also harmful to the environment creating pollution and global warming. There are many other ways to stop the consumption of gasoline such as car pooling, public transit or even just walking. Hopefully subsitutes will be invented and help solve this problem of expensive gasoline.

This relates to chapter two because it shows that gasoline is inelastic for now. However, time can make gas elastic because of new subsitutes or if the price just gets too high.