petroleum consumption was 15.3 million barrels a day, which was lower than in 1973 or 1975. U.S. petroleum

consumption was down even though the U.S. economy was about one-fourth larger in 1983 than it had been in

1973. The primary reason for the lower quantity was that higher energy prices spurred conservation efforts,

and after a decade of home insulation, more fuel-efficient cars, more efficient appliances and machinery, and

other fuel-conserving choices, the demand curve for energy had become more elastic.

On the supply side of markets, producers of goods and services typically find it easier to expand production in

the long term of several years rather than in the short run of a few months. After all, in the short run it can be

costly or difficult to build a new factory, hire many new workers, or open new stores. However, over a few years,

all of these are possible.
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