The Economics Classroom: A Workshop for Grade 9-12 Teachers

These impacts are likely to increase in the future as international oil prices rise, U.S. oil production declines, and petroleum and vehicle production become more automated. Although exact impacts are uncertain and impossible to predict with precision, between 2010 and 2020 a million dollars shifted from fuel to general consumer expenditures is likely to generate at least six jobs, and after 2020 at least eight jobs. This indicates that current planning decisions can support future economic development by encouraging transportation system diversity and efficiency, so consumers can reduce the amount they must spend on vehicles and fuel. For example,...