Wednesday, March 19, 2008
Notice: Basic law of economics applies to oil markets
I love it when reporters write stuff like this:
Oil prices pulled back sharply Wednesday after the government released data suggesting that the high price of oil and gasoline are depressing demand for petroleum products.
2 Comments:
By 
John Thacker, at
Wed Mar 19, 07:18:00 PM:
In fairness, it's not as stupid as it sounds, if you translate it into a question of how big the price elasticity of demand is for oil and gas. There are those out there who claim that, short-run, it's very small or even near zero.
By TigerHawk, at
Wed Mar 19, 10:11:00 PM:
