This is a nice illustration of how the marketplace responds to changes in prices without a law or regulation. As people purchase new vehicles, they are taking into consideration the high price of gasoline and buying more fuel efficient cars and trucks:
""Replacing a used vehicle getting 20 mpg with a new vehicle getting 24 mpg would completely offset an increase in the price of gas going from $3.33 per gallon to $4 per gallon, on an annual basis.""---Mark Perry at Carpe Diem
As the price of gas increases consumers are substituting low gas mileage vehicles for high gas mileage vehicles. The market works---if given time. This helps reduce the demand for oil and at the margins helps to clean the air. Win-Win----WINNNING!!
March U.S. Light Vehicles Raise Fuel-Efficiency Bar