In the 70s, when OPEC shocked the world, demand was inelastic in the short term--people had to keep buying gas. But demand was very elastic in the longer term as efficiency measures kicked in.
Impossible to know how long this price jump will last, but the real solution to being at the whim of Russia, OPEC, etc to to get off of fossil fuels in ways that are relatively easy. Insulation, solar panels, electric cars--for many people, these are easy to do and give a great financial return
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