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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 at Source 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 Kuwait level of taxation major consuming countries middle distillates minimum profitable price nature of demand OECD oil companies OPEC percentage increase posted price price changes price increase price of crude price of fuel 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 Tax Price excl ultimate consumer volume allow Western Europe