Quote from misterno:
http://www.businessweek.com/news/20...-equals-china-as-gdp-recoups-lehman-loss.html
http://www.hurriyetdailynews.com/n.php?n=turkish-car-sales-hit-record-high-2011-01-11
By the way 1 liter of gas in Turkey is 4.08TL where 1 USD = 1.59TL
So that means; 4.08X3.785/1.59 = $9.71/gallon
Yet, car sales is exploding, of course mostly small cars
Actually your article disproves your argument, and I quote:
"The reason is people adjusted accordingly meaning small cars, small buses, efficient machines less consumption but more traveling done with less gas."
Turkish people were able to adjust due to the higher economic output in their economy and an overall increase in purchasing power. One should not extrapolate this scenario to the US situation and expect that we will similarly adapt when unemployment still remains high, real income is decreased by recent oil spike, food stamp usage is at all-times highs, housing is still depressed and states face large deficits.
In the short term, an oil spike is inelastic which causes an immediate reduction in real income. Add the fact that the US economy is still struggling I strongly doubt it that this so called "adjustment" will occur wih the same effectiveness that you anticipate.