The more-modest rate of decline in the energy intensity of the U.S. economy after 1985 should not be surprising, given the generally lower level of real oil prices that have prevailed since then. With real energy prices again on the rise, more-rapid decreases in the intensity of energy use in the years  3/4  ahead seem virtually inevitable.
Long-term demand elasticities over the past three decades have proved noticeably higher than those evident in the short term. Indeed, gasoline consumption has declined markedly in the United States in recent weeks, presumably partly as a consequence of higher prices. *** Altering the magnitude and manner of energy consumption will significantly affect the path of the global economy over the long term.