How elastic is oil demand?
OPEC forecasts today show supply rising faster than demand in 2015; something that could continue to put downward pressure on crude prices.
WTI is trading down $1.10 to $62.69.
crude oil supply and demand
Few, if any, people will go out and buy a gas guzzler because of lower prices but a great many people might plan a road trip.
Still, the answer is probably that the demand side of the equation changes very little, especially with consumers in Europe, Japan and some emerging markets feeling the squeeze.