70 comments on POLL: CLU08 went through $114/bbl..so, in the next 60 days, the front month price of CL will...
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70 comments on POLL: CLU08 went through $114/bbl..so, in the next 60 days, the front month price of CL will...
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Here's a recent meta-review from Bank of England (6/2008) on oil price demand elasticity:
According to BoE price elasticity is close to nil in short term, but naturally increases as a function of time, while still remaining comparatively low. Income elasticity is much higher in developing Asia compared to OECD countries.
The elasticity is overdone. Between 1973 and 1981 the price of oil increased by nearly 1000%, but in the industrial countries demand fell be only 14%. That implies a low elasticity.