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

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.