Price of gas and oil HELP!?

I need to write an article essay about Elasticity and the current rise in the price of gas and oil in general. The essay requires only 1.5 pages. If anyone has information/source please help me out. Thanks!Price of gas and oil HELP!?
I assume you are not clear on the term ';elasticity'; as it used in economics.





It refers to the relationship between demand and prices. Goods and services may be ';elastic'; or ';non-elastic'; on a continuum from completely elastic to completely non-elastic.





The relationship attempts to quantify at what price point will a consumer stop buying a product and either do without, buy from a competitor or seek a substitute.





For a very elastic product, it takes a significant increase in price to produce a change in consumer behavior. For non-elastic, a small price increase will prompt the buyer to go elsewhere.





Examples of elastic goods: tobacco (smokers are addicted and will keep paying no matter - almost - what the price is. Gasoline is also a very elastic product - people need it. But it is not 100% elastic; it could price itself beyond the reach of some or many consumers.





Water would be, I suppose, 100% elastic - you'll pay whatever it costs or you die (assume you can only buy it).





Non-elastic products would be any product that most people will switch on for a very small change in price. A silly example would be minx lined slippers. Nobody really needs this.