As a matter of interest, suppose everybody in America gave up their car and used public transport, I presume the demand for oil would drop dramatically and it’d be a good thing wouldn’t it, or would there be downside economic knock-on effects of some sort?
The economic drop off would not be noticeable for some time. In England you have a good public transportation system. The U.S. tho is mostly highways and no trains, subways etc.
Alot of people live in places between the big cities so it would mean alot of sacrificing. Of course we will need to in due time but it will be costly and tough.
There would be several effects… a ripple effect.
One of which is that eventually many people in the oil industries would lose their jobs causing high unemployment. Another is inflation. Also, a price drop in gas prices will occur which will entice some to forego the boycott. That will increase demand and the price of gas will steadily go up until there is a new market equillibrium.
-Thirst