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The Oil Price Crash in One Word: ‘Inelasticity’
Oil demand doesn’t respond dramatically to changes in price in the short term, while it’s expensive to shut down a producing well
22 Apr 2020, 06:16 PM IST 
Workers unload crude oil from tankers at an Enterprise Crude Pipeline LLC storage facility in Loving County Texas, U.S. (Photographer: Angus Mordant/Bloomberg)
(Bloomberg Businessweek) -- The historic crash in oil prices on Monday—to below zero, believe it or not—can be explained with one wonky word: “inelasticity.”
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