Price of oil in international markets has dropped stunningly 60% in the past twelve months. Among…

Price of oil in international markets has dropped stunningly 60% in the past twelve months. Among the factors mentioned behind this drastic fall is the millions of barrels of oil produced in US called shale oil.
Look at the supply and demand picture for this commodity and try to analyze its price action. Discuss the impact of price elasticity of supply and demand in short and long terms.