Constitutional Daily

Founding Principles

The Tenure Paradox - Robot pimp

Slap on the Wrist for "Non-Consensual Sex" - Lampshade, Esq.

Intelligence: The Gathering - Graphic and Gratuitous

Grads are the New Illegals - Robot Pimp

Meet Entitlement Eric - Robot Pimp

Wherein I Solve World Peace - Lampshade, Esq.

A Necessary Delusion - Shadow Hand

Do you even need to shave overhead? - Lawyerlite

LSAT Jenga - Publius Picasso

http://www.constitutionaldaily.com/index.php?option=com_content&view=article&id=1573:legal-reasoning-redux-5&catid=38:there-and-never-back-again&Itemid=65

Time, Place, and Manner

...Should have some links here or something.

Banner

Large Numbers of Law, The Price of Gas

E-mail Print PDF

49.3% - Oil consumed in the United States in 2010 imported from a foreign country.

60.3% - Oil consumed in the United States in 2005 imported from a foreign country.

 

20% - US Energy Information Administration projected increase of domestic oil production by 2020.

38% - EIA's projected oil consumed in the United States in 2020 imported from a foreign country.

 

2003 - Most recent year with higher domestic oil production than 2011.

 

$3.26 - Average price of a gallon of regular gas in December 2011.

$2 - GOP's projected price of gas if Alaska was opened up for drilling.

1% - Actual increase in global oil production if Alaska was opened up for drilling.

 

A 1% increase in oil production isn't going to cause a 39% drop in prices. It may have a greater than 1% effect, if it is able to reduce some of the instability-markup. Being generous, let's call it a 5% reduction in prices.

If when you go to the pump, you buy 12 gallons at $3.26, you will spend a total of $39.12.

Using our generous impact of Alaska drilling, you would instead by 12 gallons at $3.10 for a total of $37.20.

Total savings per fill-up: $1.92.

$4.25 - Price of a venti Starbuck's latte (prices vary by location).

$2.25 - Price of a venti Starbuck's regular coffee.

$2.00 - Savings from replacing one latte with one regular coffee. $.08 greater than savings from drilling for more oil in Alaska.

 

26 - Toyota Camry combined MPG

27 - Honda Accord combined MPG

29 - Honda Civic combined MPG

50 - Toyota Prius combined MPG

A more fuel efficient car doesn't change what you pay per gallon at the pump, but it does change how much you have to buy at that price.

Back to the original scenario, you're buying 12 gallons at $3.26, spending a total of $39.12.

If you switched to a high fuel efficiency car, you might instead buy 7 gallons at $3.26, for a total price of $22.82.

Total savings per fill-up: $16.30.

If you go to Starbuck's once a day, including weekends, replacing your latte with a regular coffee would not be enough to create the same savings.

 

Also, a more fuel efficient car does change what you pay per gallon at the pump. Prices are a product of supply and demand. Higher demand means higher prices. Contrariwise, lower demand will reduce prices, and lower consumption is lower demand. A 40% decrease in consumption would have a far greater impact on prices than a 1% increase in production.

[Politifact on domestic oil consumption]

[Politifact on $2 per gallon gas]

[More Large Numbers of Law]


blog comments powered by Disqus

Philadelphia Lawyer, Unfiltered

The finest blend of analysis, advice, and fury on the internet. Sour mash, oak barrel aged, published at cask strength.

 


Most Recent Article:

In Defense of Risk (Happy Fourth of July)


All Articles from The Philadelphia Lawyer

Author Profile

The Robot Pimp

An in depth look at the emerging intersection of law, behavioral economics, and robots.


Most Recent Article:

The Tenure Paradox


All Articles from The Robot Pimp

Author Profile

Practice Makes Putrid

Legal practice would be all rainbows and buttercups, if it weren't for the clients, and opposing counsel, and co-counsel, and judges, and the law.


Most Recent Article:

Eat Mor Fiv Freedums


All Articles from The Namby Pamby

Author Profile

Gin and Glannon's

As Shadow Hand suffers through law school, the rest of us get a little Schadenfreude.


Most Recent Article:

I Just Work Here


All Articles From Shadow Hand

Author Profile

Irresistible Impulse

Dr. Rob Dobrenski's daring expedition into the psychology of lawyers and the law. (Not a substitute for a life well lived.)


Most Recent Article:

You're Not a Failure, You're a Narcissist


All Articles from Dr. Rob

Author Profile

Graphic and Gratuitous

Sometimes cartoons are the highest form of communication. Those times are known as "most of the time."


Most Recent Cartoons:

Intelligence: The Gathering


All Cartoons

There And Never Back Again

Defunct Big Law attorney BL1Y shares his misadventures as a writer who accidentally went to law school.

 


Most Recent Article:

JD vs MFA


All Articles from BL1Y

Author Profile

Lampshade, Esquire

We're dealing with some technical difficulties here. Hold up a minute.


All Articles From Lampshade, Esq.

Staff Infections

News, humor, and other non-billables from our underpaid, uncredited, unsexy staff.

 


News Articles

Smaller News Bits

Large Numbers of Law

Mixed Bag of Lawesome

Reviews

Scofflaw Multistate Bar Review

Lawyerlite