Oil demand elasticity has changed over time; in the past, oil demand was very inelastic (price increases would not reduce demand significantly), but new technologies create more flexibility: people can work remotely through video conferencing rather than traveling, and fracking has increased supply elasticity.
factualpending
Speaker
Unidentified Speaker — Daniel Yergin — Oil destroyed Hitler, fracking destroyed Pu… [sveBcfz0fHk]Evidence Quote
“if oil goes up in price, you can Zoom or video conference or something. With fracking also you can increase supply if you want to. [1:19:42]”
Created: 8/11/2026, 1:35:58 AM
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