The following video is the 2012 version of one of a series of internal videos that were produced by Revision Group in 2006. That series was used to estimate the effect of rising oil and gasoline prices on capital spending in the hydrocarbon processing business. To be clear, this model did not predict the rise in the price of oil and gasoline. However, it did predict the drop in U.S. Gasoline Supplied in response to rising prices.
The parameters of the updated 2012 model differ only slightly with the original 2006 model such that no conclusions have changed. The 2006 to 2012 rise in the price of oil and gasoline had the expected effect on U.S. Gasoline Supplied.
The video is best viewed at 720p resolution, full screen.
Below are links to a 2008 article, and three 2012 articles that reflect the backwash of this change in U.S. demand.
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Excellent explanation and usable statistics and predictions. Where is part 2 of 2?
Assuming you meant “Where is part 1 of 2?”,