RE:Long term prediction 2 years +
A couple things to point out. "non-elastic" is not a word used by economists. Inelastic is the proper term. Also oil as a commodity itself cannot be "inelastic". The demand for oil or supply of oil can be elastic (reactive to changes in price) or inelastic (not very reactive to changes in price). I think you mean to say that oil supply will become more inelastic to price increases as crude draws accelerate but not sure. Traditionally oil demand is the most inelastic thing there is in Econ 101. It's the example in the textbook literally.