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It is important to establish whether the economy is in a long run equilibrium, in order to maintain a ceteris paribus while assessing the speculative increase in the price of oil. By assuming that all other factors are constant, it makes it possible to begin to solve the issues arising through the price rise through a mix of individual and/or grouped solutions.
Oil is a commodity that is deemed demand inelastic. Like many other ?neccessity' goods, a change in price will result in a disproportionately lower change in the demand for the good. (See Fig 1) People and firms would be unable to avoid consuming the same amount of oil in the short term even if there was an increase in its price, due to the fact that there are no available direct substitutes...
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