Skip to Content

Oil Isn’t Cheap Anymore

At last, high prices have convinced people to drive less.
July 10, 2008

As gas prices rose over the past couple of years, many experts pointed out that, when adjusted for inflation or seen as a percent of average incomes, gas was still less expensive than historical records. Their views seemed to be backed up by the fact that gas consumption continued to rise. Some experts said that oil would have to reach the unthinkably high price of $134 a barrel before it had the same impact as oil prices in the early 1980s.

Now, with oil prices having crossed the $140-per-barrel mark and gas prices costing more than $4 a gallon, the Wall Street Journal is reporting that people have seriously cut back their gas consumption: they’re currently at levels last seen five years ago. Now even the economists can agree that oil isn’t cheap anymore.

The high prices are also changing priorities at the major automakers. Today, Toyota announced that it will start to produce its Prius hybrid in the United States to help meet demand for the fuel-efficient vehicle.

Keep Reading

Most Popular

Geoffrey Hinton tells us why he’s now scared of the tech he helped build

“I have suddenly switched my views on whether these things are going to be more intelligent than us.”

ChatGPT is going to change education, not destroy it

The narrative around cheating students doesn’t tell the whole story. Meet the teachers who think generative AI could actually make learning better.

Meet the people who use Notion to plan their whole lives

The workplace tool’s appeal extends far beyond organizing work projects. Many users find it’s just as useful for managing their free time.

Learning to code isn’t enough

Historically, learn-to-code efforts have provided opportunities for the few, but new efforts are aiming to be inclusive.

Stay connected

Illustration by Rose Wong

Get the latest updates from
MIT Technology Review

Discover special offers, top stories, upcoming events, and more.

Thank you for submitting your email!

Explore more newsletters

It looks like something went wrong.

We’re having trouble saving your preferences. Try refreshing this page and updating them one more time. If you continue to get this message, reach out to us at customer-service@technologyreview.com with a list of newsletters you’d like to receive.