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Oil Prices - What Happened, What To Expect, And Why

Oil is the biggest business in the world. Almost everyone is affected by the price of oil. There is no other commodity that is so strategic, politically, economically and militarily. There is little storage available, few short term substitutes for consumers and numerous difficulties in increasing or reducing production quickly. When the price of oil changes significantly there is always interest in why the price has changed and what to expect in the future.

Demand for crude oil is relatively inelastic. In the short term consumers have few substitutes for crude oil's refined products so consumption varies little over the short term in response to price increases and decreases. Read more