Demand for gas is very inelastic: large changes in P yield relatively
small changes in Q. The few people who switch to mass transit or
cycling are largely swamped by the people who don't want to give up
the convenience or the experience of driving.

Gas is too cheap right now to predict how elastic or inelastic gas will
be. In Europe, high gas prices have curtailed car trips. It will
here, albeit not at these dirt cheap prices. Given a choice of walking
to the store or spending $8/gal, what do you think will happen?

Yours In Christ,
John