It's very elastic but it's not very responsive. When we had the price shocks in the seventies, it took until about 1981 for the demand to drop. It dropped about 20% to 30% in the early eighties, but the price shock started in 1973 and 1977.
So it will happen, but it takes time. That's basically because we don't all trade our cars in and buy something more efficient or reinsulate our houses or stuff like that.
In a very short period of time, in Katrina and Rita, the high prices actually did their job. They pushed demand down very significantly for a few months until the refineries could balance out and we could get additional imports from Europe.