If demand were to be greater, the entire demand line shifts to the right. But demand is generally stable because oil is a neccessity in the short term. This demand line is near vertical which means people/companies will buy a little less when the price spikes, but not drasticly less. People still need to drive to work, heat homes, etc.
If demand were to be greater, the entire demand line shifts to the right. But demand is generally stable because oil is a neccessity in the short term. This demand line is near vertical which means people/companies will buy a little less when the price spikes, but not drasticly less. People still need to drive to work, heat homes, etc.