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Will consumers in the U.S. change their behavior and consumption as a result of rising energy costs?
Jonathan Rubin, Economics Professor, University of Maine: "We don't know how people are going to react, to be honest with you. In the United States, clearly we're in uncharted territory. From a European perspective, we're not. Gasoline in much of Europe is in the $ 8-9 per gallon range, so they're used to this. Their societies have adapted. Cars are smaller, living is more compact--there are changes that they've made. The question is whether we will become more like a European model of development, and nobody knows what's going to happen. The news today is pointing out that the auto manufacturers--GM, Ford--are selling fewer of their largest pickup trucks and selling more of their more fuel-efficient cars. So, those are trends that I think that we will see, and that's driven by consumers making changes to their behavior."
