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Business
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| Number of pages / Number of words: |
8 / 2237 |
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(EIA ? Table 5-13c)
The Price Elasticity of Demand for gasoline during the period between 1973 and 1975 was 0.005 or very inelastic. But from 1973 to 1974 the Price Elasticity was 0.05 which is still considered inelastic but 10 times more elastic than the longer period from 1973 ? 1975. The oil embargo decreased the average consumption of gasoline during the period from 1973 - 1975, but the quantity demanded continued to rise unabated for a few more years until it reached 7,264 in 1978...
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The oil embargo decreased the average consumption of gasoline during the period from 1973 - 1975, but the quantity demanded continued to rise unabated for a few more years until it reached 7,264 in 1978.
1979-1980 Energy Crisis
In 1979, unrest in Iran led to yet another spike in the price of oil. "Oil went from a little less than $15 a barrel to around $35...
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