Elasticity of Demand for Crude Oil: Its Implications for Exporting Countries |
Common terms and phrases
1963 production affect the elasticity allowed a discount argument attitude Average Price average price-elasticity behaviour of demand bring no offsetting competitive position competitive substitutes consumer in Western Crude Oil Price crude price current prices decrease demand for crude demand for fuel demand for products demand for refined demand in view elasticity of crude elasticity of demand excess producing capacity fluctuated fuel oil gasoline high inelasticity historical record increase in demand increase in prices influence the total Kuwait level of taxes major consuming countries middle distillates minimum profitable price nature of demand Obviously OECD oil companies OPEC posted price price changes Price excl price increase price of crude price of fuel Price of Product price reduction price-elasticity of demand producing countries Products in Western refined products regard relative elasticities relatively inelastic relatively price-inelastic response of demand revenue source is price-inelastic surplus surplus production Table tax imposed ultimate consumer volume allow Western Europe