We have updated our Terms of Use.
Please read our new Privacy Statement before continuing.

Canute got wet feet

27 May 2008 By Martin Hutchinson

Data on miles driven and oil products consumed in the US suggest the price elasticity of oil is currently around 16%. If that applies globally, $200 oil would cause a 12m bbl/day drop in consumption. Speculators who tried to hold the price there would run out of money fast.

This content is for Subscribers only


Email a friend

Please complete the form below.

Required fields *


(Separate multiple email addresses with commas)