Americans hit the road in record numbers this winter, reigniting a long debate that may determine whether global oil markets hold steady or tumble anew. But many economists and academics are split on whether prices matter when it comes to gasoline demand. On the face of it, the answer seems obvious. The over 40 percent slide in nationwide gas prices last year to nearly $2 a gallon led to more frequent and longer drives, fuelling a 5 percent jump in gas use in December and January, the fastest such growth in 11 years, according to U.S. government data. Yet many energy economists have long argued that it is economic activity and employment, not prices, that hold the greatest sway over how much gas Americans burn each day. “More jobs means more commuters,” says Phillip Verleger, president of consultancy PKVerleger and energy economist. However, some academics […]