The short-term demand for crude oil in Country $A$ in 2008 can be approximated by $q=f(p)=1,585,588 p^{-0.07}$, where $p$ represents the price of crude oil in dollars per barrel and $q$ represents the per capita consumption of crude oil. Calculate and interpret the elasticity of demand when the price is $\$ 64$ per barrel. The elasticity of demand for oil is $\ldots$. (Type an integer or a decimal.)

Step 1 ：Define the variables, where \(p\) represents the price of crude oil in dollars per barrel.

Step 2 ：Define the demand function \(f = 1585588 \cdot p^{-0.07}\), where \(q\) represents the per capita consumption of crude oil.

Step 3 ：Calculate the derivative of the demand function, \(f' = -110991.16 \cdot p^{-1.07}\).

Step 4 ：Calculate the elasticity of demand, \(E = -0.07 \cdot p^{-5.55111512312578e-17}\).

Step 5 ：Substitute \(p = 64\) into the elasticity of demand function to get \(E_{64} = -0.07\).

Step 6 ：The elasticity of demand when the price is $64 per barrel is -0.07. This means that a 1% increase in the price of crude oil will result in a 0.07% decrease in the quantity demanded. This indicates that the demand for crude oil is inelastic at this price level, meaning that changes in price have a relatively small impact on the quantity demanded.

Step 7 ：Final Answer: The elasticity of demand for oil is \(\boxed{-0.07}\).