Gasoline demand in US stabilized after 1978 oil shock, study finds.
Gasoline demand in the United States was analyzed using a method called cointegration to study the relationship between variables over time. The researchers found that after the oil shocks in 1973 and 1978, there was a stable long-term connection between gasoline consumption and lifetime income. This suggests that changes in income can impact how much gasoline people use in the long run.