In the United States, the long-run elasticity of oil demand has been estimated at -0.5. Some policymakers and environmental scientists would like to see the United States cut back on its use of oil in the long run. We can use this elasticity estimate to get a rough measure of how high the price of oil would have to permanently rise in order to get people to make big cuts in oil consumption. How much would the price of oil have to permanently rise in order to cut oil consumption by 50%?
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Short-run price elasticities of world oil demand. its use would not infringe privately owned rights. Reference. United States Government or any agency thereof.The demand elasticity for gasoline has been studied hundreds of times in the U.S. and abroad. The best estimate of short-term elasticity.It is therefore no surprise that much attention has been paid . They estimated the long term fuel demand for cars based on aggregate.
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