If they do this how will the deman for crude oil change?
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4 Responses to “OPEC members want to cut their output of crude oil to reduce the supply.?”
Demand will continue to grow because the increase in price from the reduced supply will raise price, but since gasoline is inelastic with respect to demand, consumption will not back off (quantity demanded will not drop significantly), plus there are so many factors at play which will increase the demand for gasoline regardless of price….like emerging economies such as China and India increasing the number of buyers for the product.
June 1st, 2010 at 9:53 am
Demand is constant if not growing. The price of oil will rise if the oil is more scarce than previously.
There is virtually no elasticity on oil.
June 1st, 2010 at 9:53 am
it will go higher and that is why we need to get out away from these horrible people. we need to use what we have and we have alot i guarantee you.
June 1st, 2010 at 9:53 am
Demand will increase obviously.
June 1st, 2010 at 9:53 am
Demand will continue to grow because the increase in price from the reduced supply will raise price, but since gasoline is inelastic with respect to demand, consumption will not back off (quantity demanded will not drop significantly), plus there are so many factors at play which will increase the demand for gasoline regardless of price….like emerging economies such as China and India increasing the number of buyers for the product.