Price ceiling for rising oil prices comes with a caveat

Pick a number, any number. But maybe something just a little way beyond the usual one to 10. Trying to guess exactly where the oil price tops out is fast becoming the gamble du jour, the chocolate wheel of choice among politicians, economists and oil experts. If there’s any consolation, there appears to be an upper limit. The bad news, however, is that the price ceiling comes with a caveat. It’s called demand destruction, the point at which people restrict their use of fuel, either because they simply can no longer afford to buy it, or because restrictions are placed…