Even that would not result in a mere 1 percent increase. Oil inelasticity is extreme - can anyone think of a better example besides food and water? Total worl

Even that would not result in a mere 1 percent increase. Oil inelasticity is extreme - can anyone think of a better example besides food and water? Total world demand is ~96m bpd, and a mere 2m bpd oversupply caused the price to collapse from $100 to $26 at lowest. The only time 1 percent might be plausible is if oil had already reached prices so high it's near the marginal benefit for consumers, or over long long periods of time (but who cares, since you would have to pay exorbitant prices in the meantime).