Oil consumption has fallen by less than 10%. However, the price of oil has fallen off the cliff from US$150 to US$38. This represents a fall of around 70%. This tremendous fall is attributed to the fact that hedge funds pump in a lot of money to affect the prices.
However, this might also happen because of the fact that supply curve of oil is very price inelastic where a small fall in demand will result in a very huge fall in the price of oil.
