Rising Gasoline Prices
Russ and Don discuss the human tendency to assume that trends will continue indefinitely, using the example of rising gas prices. They highlight the importance of recognizing that trends can reverse and change, and that there are incentives for finding alternative energy sources. They also mention the historical fluctuations in oil prices and the difficulty of accurately predicting the future.In this clip
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EconTalk
Don Boudreaux on Energy Prices
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