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Politics : View from the Center and Left
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To: Katelew who wrote (85137)9/17/2008 1:51:33 PM
From: TimF  Read Replies (2) of 541957
 
The key point is that the type of commodity traders that are most purely speculators where cutting their long positions or even going short as the price of oil was rising. Kind of hard for them to be the cause of the increase in that case.

if you want to cling to the notion that demand for oil doubled in 6 mos. and then demand for oil fell by 60% in 2 mos., be my guest.

Oil, esp. in the short run, is not unitary elastic. The price doubling doesn't imply that demand is doubling or anything close to that.
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