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The demand for energy was
becoming greater and greater because it was that time of year when consumers
began storing energy in their homes to prepare for the cold winter months ahead.
The four commodities mentioned in this article, crude oil, heating oil,
gasoline and natural gas are all substitutes for one another. This is true
because the cross elasticity of demand states that as the percentage change in
the quantity demanded of one commodity results from a one percent change in the
price of another commodity. In other words, the increase in demand for crude
oil, gasoline, and heating oil was the outcome of the price increase in natural
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Common topics in this essay:
- Demand For Oil
- gas demand
- Heating Commodities
- Law Of Demand
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