But you just explained what causes demand-pull inflation. Oil supply cannot increase without price elasticity (prices going up). Producers are not going to drill more and bring more rigs online if prices are imploding and falling below break even prices, rig counts will drop because the cost to produce outweighs the final product.
@dampedspring This is on the same level as Krugman calling inflation elevated. You know the Fed will be on an extended pause after December just as Trump enters office.