Price elasticity of demand for gasoline=0.06

From the CBO:

The research suggests that a 10 percent increase in the retail price of gasoline would reduce consumption by about 0.6 percent in the short run. [short run elasticity=0.06] .... Estimates of the longrun elasticity of demand for gasoline indicate that a sustained increase of 10 percent in price eventually would reduce gasoline consumption by about 4 percent. That effect is as much as seven times larger than the estimated short-run response, but it would not be fully realized unless prices remained high long enough for the entire stock of passenger vehicles to be replaced by new vehicles purchased under the effect of higher gasoline prices—or about 15 years.