agree. oil prices are very elastic. it may take a year or two or more but eventually but demand for oil will pick up significantly in the face of lower oil prices.
I would add that they are elastic in the short term, but inelastic in the longer term when supply and demand are closely balanced.
Look at what happened during the last recession: Oil consumption dropped from 84 million bpd to 81 million bpd. Oil prices dropped frome 140 to 30. That made a big impression on me—a 4% change in demand, a dramatic drop in price.
Obviously, there were other factors, such as the GFC panic and industrial slowdown. But it makes me think that oil prices get inelastic when supply and demand are close.