http://blog.maxdunn.com/articles/2008/06/26/price-elasticity-of-oil-short-term-and-long-term en-us 40 Max Dunn's Blog <p>When the price of something goes up, it makes sense that demand for it should go down and production should go up. But in the case of oil, that doesn&#8217;t seem to be true. <a href="http://en.wikipedia.org/wiki/Image:Oil_Prices_Medium_Term.jpg">Oil prices have gone up 400% over the last 5 years</a> while <a href="http://tonto.eia.doe.gov/dnav/pet/pet_cons_psup_dc_nus_mbblpd_a.htm">consumption has been flat in the US</a> and <a href="http://www.theoildrum.com/files/PU200804_Fig1c_0.png">global oil production has been relatively flat</a> for the last 3 years.</p> Thu, 26 Jun 2008 16:17:00 -0700 urn:uuid:7d421094-18e6-48f5-82df-1a75b6680a92 Max Dunn http://blog.maxdunn.com/articles/2008/06/26/price-elasticity-of-oil-short-term-and-long-term Peak Oil