CNN CNN Newsroom Live March 13, 2022 04:32:00
Demand. and now russia is seizing on research apparently that you co-authored that this 300-barrel figure could really be reality. are they correct? >> yes, they are. when i heard the threat on monday, i pulled the paper and worked the math out, and it's there to the dollar. you know, we wrote this paper in 2010. the price elasticity demand for oil is very elastic. once you've filled your car with 15 gallons, the value of the 16th gallon goes to zero. if you need that extra gallon to get to grandma's house at thanksgiving, it becomes a lot more valuable to you. and that's the way it is around ...
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