10-02-2010, 11:46 PM
Malls and restaurants were emptied of customers.
I don't remember that. I remember comments from the economists how DESPITE the high energy prices, inflation remained remarkably tame and the economy perked along. The collapse in 2008 was from real estate and related banking practices, all thanks to OBAMA and his SOCIALIST agenda reaching BACKWARD IN TI...oh, wait, wrong thread.
I will say the longer-distance discretionary travel took a hit when it reached $4. Anecdotally, I took my family to yellowstone that summer (2008), and traffic was quite reasonable and campsites easy to find (but there were certainly plenty of people). I hear that this year they had record attendance.
From a consumer point of view, $5+ a gallon is painful, but there's always downsizing from that big ass SUV or scaling back vacation distances.
But I do have concern for small businesses who depend on heavier vehicles. There's not many options for fuel efficiency in box trucks. If they can't pass it along in their market, they'll have to eat it until the economy adjusts to the new energy price, or give up. There will be some pain.