Measured in BTUs per dollar of real GDP,energy consumption fell by only 5 percent between 1970 and 1975,but had fallen by almost 30 percent by 1990.These figures illustrate the fact that

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The significant reduction in BTUs per dollar of real GDP over a 20-year period suggests that energy demand is more elastic in the long run than in the short run. This means that consumers are more responsive to price changes over a longer term as they have time to make adjustments to their behavior, technology and lifestyle choices.

Measured in BTUs Per Dollar of Real GDP,energy Consumption Fell