Because of increases in the price of oil and because of government policies promoting energy conservation, the use of oil to heat homes fell by 40 percent from 1970 to the present, and many homeowners switched to natural gas for heating. βββββββ βββββββββ ββ βββββββ βββ ββββββββ βββββββββ ββ ββββββββββ β βββββββββββ ββββββ ββββ ββ βββ ββ βββ ββββ ββββββ ββ βββββββββ
The author claims that homeowners are generally unlikely to switch back to oil heating soon after having switched to natural gas due to its lower cost. Why? Because switching to gas in the first place required investing in new equipment, and presumably homeowners wonβt want to duplicate that investment.
The author assumes that the amount saved by continuing to use gas and not having to buy new oil-compatible equipment outweighs any savings from switching back to oil. In other words, equipment and oil have not gotten so much cheaper (and that gas hasnβt gotten so costly) that it would be worth switching again.
The prediction that ends the βββββββ βββββ ββ ββββ βββββββββ ββββββ ββββ ββββββββ ββ ββ ββββ ββββ ββββ ββ βββ ββββ βββ βββββ
the price of βββββββ βββ ββ ββββ βββββ βββ ββββββββ βββββββββ βββββ βββ ββββ ββ βββββββββ ββ ββββ βββββ ββββ βββββββ βββ βββ ββββββ βββββββ
the price of ββββ βββββββ βββ βββ ββββββββ βββββββββ βββββ βββ ββββ ββ βββββββββ ββ ββββ βββββ ββββ βββββββ βββ βββ βββββ βββββββ
the cost of βββββββββ ββ ββββ βββββ ββββ βββββββ βββ βββ ββββββ ββββββββ βββββ βββ βββββ ββ ββββ βββββββ βββ βββ ββββββ ββ ββββ ββββββ
the cost of βββββββββ ββ ββββ βββββ ββββ βββ βββ ββββββ ββββββββ βββββ βββ βββββ ββ βββββββ ββββ βββ βββ ββββββ βββββ βββ βββββ ββ βββββββ ββββ βββββββ βββ
the use of βββ ββ ββββ βββββ βββ βββββββββ ββ ββββββββ βββββ βββ βββββ ββ βββββββ βββ βββ ββββββ ββ ββββ ββββββ