displacement does stop production, it must do so by reducing the world oil price. But reducing this price will increase the demand … of the world oil price to a change in supply is estimated from the results of several well‐respected models. The … estimated sensitivities are then combined with the EPA's estimated world demand elasticity of oil. The resulting estimates of …

the global demand for oil. This will reduce the world oil price, which will cause an increase in oil use outside of …