The fall in oil consumption was most dramatic following the escalating price of crude oil to $145.16 per barrel on July 14, 2008 then at any other point over the last several years. Price elasticity, a key concept in Economics 101, which measures the impact of price change to changes in unit [...]
Entries from May 2009
Oil Consumption Impacted More by Price than Deteriorating Economic Conditions
May 13th, 2009 · 4 Comments
Tags: Alternative Energy · CO2 Emissions · Carbon Economics · Carbon and Climate · Energy Costs · Energy Economics · Energy Expenditures · Energy Independence · Energy Security · Fuel Costs · Historic Energy · Hydrocarbon Fuels · Oil Energy · Oil Independence · Peak Oil · Solar Energy · Transportation Energy Economics