3 ms·
Go Orediggers! Mines '00 here, I was across the street in Brown Building though (CivEng). During the last round of oil shocks ('07-'08) I remember a lot being
by syncsynchalt 7y ago
Go Orediggers! Mines '00 here, I was across the street in Brown Building though (CivEng).
During the last round of oil shocks ('07-'08) I remember a lot being made about the inelasticity of demand for oil, and how that made prices so volatile. I'm sure that it's still very inelastic, but now that there are non-petroleum transportation alternatives (mass-produced EVs) I'm curious to see what future oil shocks will look like, and whether we'll reduce some of that storage as price volatility goes away.
- brianwawok 7y agoHow much oil demand is elastic though? Over 10 years people can buy less gas cars and more electric cars. But over a month, the car in your garage is either gas or electric. Not that many individual things that can do both. Maybe some power plants, where say neither coal nor oil generators are at 100% capacity...