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Essay's paper info

Topic:	Business
Number of pages / Number of words:	4 / 922

Essay's paper body

At this point the demand curve would suggest that oil is almost perfectly price inelastic.

Price

Demand

Using more current figures we can see that even with continual increases in oil price demand has not been negatively affected and has actually continued to grow.

Oil price and consumption (x thousand barrels) from 1999 â€“ 2006

Year 1999 2000 2001 2002 2003 2004 2005 2006

Consumption 75549 76280 76828 77737 79158 81898 83080 83719

Price per barrel ($) 17...

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