[runako]

This doesn't really match with the data collected in the 2007-2008 price spike. While the price of oil was peaking, US drivers demonstrated that they will change their behavior somewhere on the curve. Notably, miles driven started dropping well before the recession hit. I'm not sure what the breakpoint was, but I believe it was around $4/gallon. (Yes, gas cost much more in some places and is still above $4 now, but the relevant number is the national average, currently about $3.60).

So you're right that the rise in prices from ~$0.90 in 1999 to multiples of that do not impact demand significantly. However, there is a threshold above which American drivers will react.