I took a crack this morning at explaining, by example, three things that are currently going on in our U.S. energy economy. The first is the way gasoline consumption has remained depressed, even as prices dropped. The second is the way the drop in consumption has been disproportionately carried out by people near the bottom of the economic spectrum. The third is the way that, even as prices have dropped a lot in recent weeks, the decline in consumption has gotten steeper. Meet the students, as John uses them to work out his economics explaining skills:
You could think of Eric Peterson’s bike shop, tucked in a corner of the University of New Mexico’s gym, as the epicenter of the new energy economy.
When gasoline prices rise, people at the bottom of the economic spectrum — like, say, college students — feel it the most.
“We are poor,” said Peterson, the 27-year-old manager of the UNM Recreation Services Outdoor and Bicycle Shop. “Trust me.”