Price Inelasticity

Ouch. This gas station near my house has had at least one grade of gas over $5/gallon for over a week now, and even though crude oil prices have relaxed somewhat, the price of refined petro products has not come down yet. Americans have historically been fairly insensitive to gasoline prices, but this latest oil shock may be enough to change at least a few people's driving habits. In my experience on the road, it does seem as if traffic is somewhat lighter these days but perhaps it's just my imagination. Or wishful thinking.

PS - I realize this may be meaningless for you Flickr users overseas, but trust me, for an American this is pretty expensive gas.