Why isn't price pain curbing US gasoline consumption?

06/14/2004
While signs of relief from the widely reported pain of high gasoline prices are beginning to appear in the US, a crucial factor hasn't eased.Consumption of gasoline remains strong.All hints of relief have to do with supply:A quota increase by the Organization of Petroleum of Exporting Countries that at least will ratify recent output levels.Talk by key OPEC members of raising production capacity and output from capacity now idle.The beginning of turnarounds in low US inventories of crude and gasoline.Rising US imports of crude and, recently, gasoline.The market remains anxious, though—and with good reason.With US inventories and global spare production capacity still low in rela...
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