The Price of Oil Is Inelastic

In the lead up to the gulf war, essentially he was invoking energy crisis. Fortunately, we were past the price controls. So you can buy gasolene. If the price goes up, there is no there 're no price controls. You aren't going to have shortages. An can have shortages. How much higher will the prices be? What i pointed out is, in that extreme case where sonama sane holds on to cet, takes over united air, bamrats takes over sitsudy radia, he controls 12 million barrels a day. Well, four million is seven % of 60 million. There is a little problem. The demand for oil is what economists call