This shows a low response from customers of oil when the prices get hiked. I've always known oil to be a necessity countries can not leave without, but guess the times are changing. With a lot of new technologies coming in like electric trains, renewable energy like solar.. there are a lot of alternatives for oil that the producers can no longer dictate the prices. I believe this is going to improve the economic growth of many countries that have been relying on oil.

Highly competitve market