--- title: Price elasticity of demand for crude oil by @ellis2013nz description: A data visualization exercise in R redraws a Haver Analytics chart about crude oil price elasticity during the USA-Iran war. The original 3D perspective plot... canonical: https://daily.dev/posts/price-elasticity-of-demand-for-crude-oil-by-ellis2013nz-1qnlxj4ek twitter:card: summary_large_image twitter:site: @dailydotdev og:type: website og:site_name: daily.dev og:title: Price elasticity of demand for crude oil by @ellis2013nz | daily.dev og:description: A data visualization exercise in R redraws a Haver Analytics chart about crude oil price elasticity during the USA-Iran war. The original 3D perspective plot... og:url: https://daily.dev/posts/price-elasticity-of-demand-for-crude-oil-by-ellis2013nz-1qnlxj4ek og:image: https://api.daily.dev/og/posts/1QNLxJ4eK.png og:image:alt: Price elasticity of demand for crude oil by @ellis2013nz og:image:width: 1200 og:image:height: 630 og:locale: en --- > ## Documentation Index > Fetch the complete documentation index at: https://daily.dev/llms.txt > Use this file to discover all available pages before exploring further. # Price elasticity of demand for crude oil by @ellis2013nz **[R-bloggers](https://daily.dev/sources/rbloggers)** · 8 min read · 0 upvotes · 0 comments ## Summary A data visualization exercise in R redraws a Haver Analytics chart about crude oil price elasticity during the USA-Iran war. The original 3D perspective plot is hard to read, so the author tries a heatmap first, then a line plot. The line plot puts oil exports and price change on the x and y axes, with a fan of lines for elasticity values between -0.1 and -0.2. A secondary axis converts percentage changes into dollars per barrel using a pre-war price of about $72.50. The author concludes putting the two key variables on the main axes is the biggest improvement, and shares R code for all three chart versions. ## Full article daily.dev links to this article rather than hosting it. Read it at the original source: ## Questions this post answers ### What is the estimated price elasticity of demand for crude oil in the short term? Short-term price elasticity of demand for crude oil is estimated to be somewhere between -0.1 and -0.2. Using this range, a 10% cut in supply implies roughly a 100% price increase (doubling) at -0.1, or around a 50% increase at -0.2, based on a linear elasticity approximation applied to a pre-war price of about $72.50 per barrel. _Anyone modeling oil price shocks can track elasticity-based reasoning like this on daily.dev._ ### Why is a 3D perspective plot often a bad choice for visualizing data with two key variables and one uncertain parameter? A 3D perspective plot makes it hard to read values back onto the three axes and obscures the overall trend, which is easy to spot in a 2D line or scatter plot. Converting such a chart into a line plot, with the two most important variables on the x and y axes and the uncertain parameter shown as a fan of colored lines, made the relationship far easier to interpret than either the original 3D plot or an intermediate heatmap version. _Developers choosing chart types for uncertain multi-variable data can revisit this comparison on daily.dev._ ## Similar posts on daily.dev - [NZ and US petrol \(‘gasoline’\) and diesel prices by @ellis2013nz](https://daily.dev/posts/nz-and-us-petrol-gasoline-and-diesel-prices-by-ellis2013nz-opnvqlaxg) · R-bloggers · 0 upvotes · 0 comments - [Neel Somani breaks down the key factors behind East Coast power price spikes](https://daily.dev/posts/neel-somani-breaks-down-the-key-factors-behind-east-coast-power-price-spikes-wqkkygnsu) · The Next Web · 0 upvotes · 0 comments - [The Price of a Second](https://daily.dev/posts/the-price-of-a-second-m0lr8qwwq) · Medium · 1 upvotes · 0 comments - [World crude oil stocks by @ellis2013nz](https://daily.dev/posts/world-crude-oil-stocks-by-ellis2013nz-a66jhcfto) · R-bloggers · 1 upvotes · 0 comments - [Geopolitical Risk Isn't One Thing. I Built a Python Framework to Prove It](https://daily.dev/posts/geopolitical-risk-isn-t-one-thing-i-built-a-python-framework-to-prove-it-sfnojcwrs) · freeCodeCamp · 1 upvotes · 0 comments --- Tags: [#r](https://daily.dev/tags/r), [#data-visualization](https://daily.dev/tags/data-visualization) [View this post on daily.dev](https://daily.dev/posts/price-elasticity-of-demand-for-crude-oil-by-ellis2013nz-1qnlxj4ek) ```json {"@context":"https://schema.org","@graph":[{"@type":"Organization","@id":"https://daily.dev/#organization","name":"daily.dev","url":"https://daily.dev","logo":{"@type":"ImageObject","url":"https://daily.dev/apple-touch-icon.png","width":180,"height":180},"sameAs":["https://twitter.com/dailydotdev","https://github.com/dailydotdev","https://www.linkedin.com/company/daily-dev-ltd"]},{"@type":"WebSite","@id":"https://daily.dev/#website","url":"https://daily.dev","name":"daily.dev","publisher":{"@id":"https://daily.dev/#organization"},"potentialAction":{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://daily.dev/search?q={search_term_string}"},"query-input":"required name=search_term_string"}}]} {"@context":"https://schema.org","@type":"TechArticle","headline":"Price elasticity of demand for crude oil by @ellis2013nz","url":"https://daily.dev/posts/price-elasticity-of-demand-for-crude-oil-by-ellis2013nz-1qnlxj4ek","mainEntityOfPage":{"@type":"WebPage","@id":"https://daily.dev/posts/price-elasticity-of-demand-for-crude-oil-by-ellis2013nz-1qnlxj4ek"},"datePublished":"2026-10-25T04:48:05.168Z","dateModified":"2026-10-25T04:48:34.507Z","description":"A data visualization exercise in R redraws a Haver Analytics chart about crude oil price elasticity during the USA-Iran war. 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Using this range, a 10% cut in supply implies roughly a 100% price increase (doubling) at -0.1, or around a 50% increase at -0.2, based on a linear elasticity approximation applied to a pre-war price of about $72.50 per barrel. Anyone modeling oil price shocks can track elasticity-based reasoning like this on daily.dev."}},{"@type":"Question","name":"Why is a 3D perspective plot often a bad choice for visualizing data with two key variables and one uncertain parameter?","acceptedAnswer":{"@type":"Answer","text":"A 3D perspective plot makes it hard to read values back onto the three axes and obscures the overall trend, which is easy to spot in a 2D line or scatter plot. Converting such a chart into a line plot, with the two most important variables on the x and y axes and the uncertain parameter shown as a fan of colored lines, made the relationship far easier to interpret than either the original 3D plot or an intermediate heatmap version. 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