Motor Gasoline Consumption 2008: A Historical Perspective and Short-Term Projections
"Highlights

* Income growth rates have less of an impact on recent trends in gasoline consumption than in the past, but short-run effects are still significant.

* High gasoline prices are once again motivating drivers to conserve by driving less and purchasing more fuel-efficient transportation.

* The increasing share of lower-Btu-content ethanol has contributed to a growing divergence between volume-based and energy-content-based measures of trends in gasoline consumption.

* Consumer sensitivity to gasoline price changes increases during periods when retail prices exceed $2.50 per gallon.

* High gasoline prices and a slowing economy, which have reduced gasoline demand in recent months, are also projected to impact demand during the 2008 summer driving season."